What does 'Economy' meanEconomy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. This is also known as an economic system.
BREAKING DOWN 'Economy'The economy encompasses all activity related to production, consumption and trade of goods and services in an area. The economy applies to everyone from individuals to entities such as corporations and governments. The economy of a particular region or country is governed by its culture, laws, history, and geography, among other factors, and it evolves due to necessity. For this reason, no two economies are the same. Read more: Economy http://www.investopedia.com/terms/e/economy.asp#ixzz4gwXVfEiv Follow us: Investopedia on Facebook Comments are closed.
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AuthorJoshua Nahas Archives
May 2017
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