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Economy

This article is about the word in goods and services meaning. For other uses, see Economy (disambiguation).

Gross domestic product per capita of countries (2020) (Purchasing power parity – international dollars)
  •   >50,000
  •   35,000–50,000
  •   20,000–35,000
  •   10,000–20,000
  •   5,000–10,000
  •   2,000–5,000
  •   <2,000
  •   Data unavailable
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An economy[a] is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources.[3] A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone.

Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain.

Economic activity is spurred by production which uses natural resources, labor and capital. It has changed over time due to technology, innovation (new products, services, processes, expanding markets, diversification of markets, niche markets, increases revenue functions) and changes in industrial relations (most notably child labor being replaced in some parts of the world with universal access to education).

  1. ^ Schabas, Magaret; Wennerlind, Carl (2023). A Philosopher's Economist: Hume and the Rise of Capitalism. University of Chicago Press. p. 17. ISBN 978-0-226-82402-4.
  2. ^ Essinger, James (2007). Spellbound: The Surprising Origins and Astonishing Secrets of English Spelling. Random House Publishing Group. p. 250. ISBN 978-0-440-33693-8.
  3. ^ James, Paul; with Magee, Liam; Scerri, Andy; Steger, Manfred B. (2015). Urban Sustainability in Theory and Practice: Circles of Sustainability. London: Routledge. p. 53. ISBN 978-1315765747. Archived from the original on March 1, 2020. Retrieved January 29, 2018.


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