economy

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Economy

The production, trade, and use of goods and services. The economy is the interaction between different actors, such as individuals, companies, and governments, in order to maximize the fulfillment of their needs through the use of scarce resources. The relationship between supply and demand is vitally important to how an economy operates, though economists disagree on exactly how.

There are a number of schools of thought within the study of the economy. Some major schools are classical economics, which considers the sources of production as well as the role of the Invisible Hand of the market, and Marxism, which considers the exploitation of labor by holders of capital. Other, modern schools of thought include Keynesianism, which emphasizes the role of demand as opposed to supply, and monetarism, which promotes the use of the free market and considers the role of money supply in economic growth. See also: Macroeconomics, Microeconomics.

economy

a country defined in terms of the total composition of its economic activities and the ultimate location of economic decision-making.

The total value of goods and services produced in any one year is called the gross domestic product. The contribution made to total output by the various subdivisions of the economy can be split down in various ways: for example, by broad sectors such as the primary sector (agriculture), the industrial sector (including manufacturing) and the tertiary sector (services); or by individual activities (brewing, coal-mining, etc.).

Economic decision-making in the economy may be either highly centralized or decentralized. In a centrally planned economy the State owns the means of production (except labour) and decides what goods and services are to be produced in accordance with a national plan. Resources are allocated between producing units, and final outputs between consumers by the use of physical quotas. At the other extreme, in a private enterprise economy (free market or capitalist economy) the means of production are held by individuals and firms. Economic decision-making is highly decentralized with resources being allocated through a large number of individual goods and services markets. It is the MARKET which synchronizes the decisions of buyers and sellers by establishing market prices which determine how much of a product will be produced and sold. In practice, a large number of countries, including the UK, are mixed economies with some goods and services being provided by private enterprise and others, typically public-utility type products such as postal services and railways, being supplied by the State. The precise mix of private enterprise and State activities to be found in particular countries, however, does vary substantially between the two extremes and is very much influenced by prevailing political ideologies. See INDUSTRY, STRUCTURE OF INDUSTRY, NATIONALIZATION VERSUS PRIVATIZATION.

economy

a country defined in terms of the total and composition of its economic activities. The total value of goods and services produced in an economy in any one year is called GROSS DOMESTIC PRODUCT (GDP). The contribution made to GDP by the various subdivisions or sectors of the economy can be viewed in a variety of ways: for example, either by broad sectors (the PERSONAL or household SECTOR, the CORPORATE or business SECTOR, the FINANCIAL SECTOR, PUBLIC (GOVERNMENT) SECTOR, the FOREIGN SECTOR), or by individual industries. See STRUCTURE OF INDUSTRY, ECONOMIC SYSTEM.
References in periodicals archive ?
But for the time being, the portal has data of almost every economic sector in the country.
AS SAFIR said a few hours before Wednesday's planned strike, that "a de facto matter" compromise was born, which quickly turned into a recipe for a new crisis either because of the political repercussions it caused on the relationship between the parties of the Parliament majority after ministers of the Free Patriotic Movement (FPM) led by Christian leader Michel Aoun rejected the deal, or because of immediate objections raised by representatives of the economic sector.
Power distribution upgradation could be provided to the economic sector under public as well as private ownership.
The BCCI yesterday issued a statement voicing reserves regarding some articles of the law which may affect the economic sector and compromise Bahrainis' status in the labour market.
The economic sector remains the main focus area in the budget as 43 per cent, a majority of total expenditure, has been allocated to it, which includes several of Dubai's vital segments, including roads, transport, airports and civil aviation and tourism.
oThe licenced activities cover all aspects of the economy highlighting the focus of DED to work towards strengthening all key economic sectors.
Prime Minister said that taking opportunity of the economic prospects available in Pakistan, the Qatari companies should invest in economic sectors particularly Energy and Infrastructure.
Meanwhile, the economic sector discussed the national operational plan for electricity power efficiency, which was presented by the Minister of Water Resources and Electricity, Usama Abdallah, who explained that the plan aims to providing abundant electrical power through a number of procedures carried out in the field of electricity generation.
During the meeting, they reviewed many issues and topics of public affairs and economic development in the country, noting the steady growth witnessed by the commercial and industrial sector in the Kingdom and positive role played by the Royal Court in order to provide all aspects of support to the economic sector in the country.
In any economic sector, most probably three big companies control between 70% and 90% of the market, according to consultants Jagdish N.
17 (SUNA)-The Economic Sector of the Council of Ministers has affirmed the importance of putting the gold mining and exploration activities under supervision along with close coordination between the concerned organs to facilitate the flow and exchange of data and information pertinent to the gold exports and to combat smuggling.
He hailed HRH the Premier's keenness to gauge the needs of the economic sector in these difficult times.