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 ?
The effects of a token economy employing instructional consequences for a third-grade student with learning disabilities: A data-based case study.
Data in the current study came from classes that used a token economy to encourage student participation, in the form of asking questions in class.
Eric reported that he initially found the token economy helpful because it provided him with a schedule of necessary daily events that he needed to complete each day.
The Level System (McNeil & Filcheck, 2001) possesses characteristics of both a token economy and response cost and provides teachers of young children with strategies in the management of behavior problems.
Smith participates in additional UCLA module groups, including Community Re-entry, and the unit's comprehensive token economy system.
Skinner's principles of operant conditioning, the token economy was created in the 1960s as a way to treat the large numbers of seriously ill patients who were then living in mental hospitals.
An effective token economy for preschool children must be developmentally sensitive.
Multi-components intervention: Integrating two or more treatments into one treatment package, such as DRA and over-correction, DRO and over-correction, functional communication training plus token economy system, increased attention and timeout, social skill training and parent involvement, DRL plus functional communicative training plus timeout.
Preparation for the effective implementation of a token economy should include appropriate teaching methods, curriculum materials, class rules, and a positive classroom climate (McLaughlin, 1975, 1981; McLaughlin & Williams, 1988; Morgan, & Jenson, 1988; O'Leary & Drabman, 1971).
The current study examined the effectiveness of a combined token economy and self-monitoring package with a youth displaying a major mental illness and severe aggressive and persistent disruptive behaviors.
For example, methods of implementing positive reinforcement and token economy programs are discussed.
Students are rewarded for increasing their effort and their achievements through the Token Economy program.