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An economy consists of the economic system of a country or other area, the labor, capital and land resources, and the economic agents that socially participate in the production, exchange, distribution, and consumption of goods and services of that area.

A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

Today the range of fields of study examining the economy include social sciences such as economics, sociology (economic sociology), history (economic history) and geography (economic geography). Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, range from engineering to management and business administration to applied science to finance.

All kind of professions, occupations, economic agents or economic activities, contribute to the economy. Consumption, saving and investment are core variable components in the economy and determine market equilibrium. There are three main sectors of economic activity: primary, secondary and tertiary.

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# [adjective] of or relating to an economy, the system of production and management of material wealth; "economic growth"; "aspects of social, political, and economical life"
Synonyms: al

# [adjective] of or relating to the science of economics; "economic theory"

# [adjective] concerned with worldly necessities of life (especially money); "he wrote the book primarily for economic reasons"; "gave up the large house for economic reasons"; "in economic terms they are very privileged"

# [adjective] financially rewarding; "it was no longer economic to keep the factory open"; "have to keep prices high enough to make it economic to continue the service"

# [adjective] using the minimum of time or resources necessary for effectiveness; "an economic use of home heating oil"; "a modern economical heating system"; "an economical use of her time"
Synonyms: al


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Hello Friends......

Thanks for sharing such useful information with all of us.

Keep sharing more in the future.

Have a nice time ahead.

Thanks.

Hello


A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.An economy consists of the economic system of a country or other area, the labor, capital and land resources, and the economic agents that socially participate in the production, exchange, distribution, and consumption of goods and services of that area.

A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.