The Economy

Definition #

An economy 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 scarce resources'.

Economics is a social science that focuses on an understanding of production, distribution, and consumption of goods and services. More specifically, the focus is on how consumers, businesses, and governments make choices when allocating resources to satisfy their needs. The sum of those choices determines what happens in the economy.