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 ?
Business Class packages to Silverstone are available at OMR1,695, while Economy Class packages cost OMR636.
Members of the KrisFlyer frequent-flyer programme will also receive 10 per cent more miles when they fly in Premium Economy Class.
It will also allow us to delight our customers by making even more improvements to our Business Class and Economy Class cabins.
Allin return economy class fares between Manila and Phuket, Krabi, Yangon and Phnom Penh start from USD 200.
From as early as December 1 -- nine days earlier than scheduled -- Lufthansa customers will be able to enjoy Premium Economy Class on all flights on the Boeing 747-8 fleet.
The fares of Economy Class, AC Sleeper and AC standard of Subak Raftar, Subak Kharam, Islamabad Express, Rawal Express, Khyber Mail, Tez Gam and Jaafar Express too have been reduced by 10 percent.
The new product will enable Lufthansa to meet the requirements of many business and private passengers who travel with other airlines in a similar travel class or who fly Economy Class due to travel specifications.
INR 25,410 for all-inclusive return on Economy Class to Kuala Lumpur, all-inclusive return on Economy Class to Jakarta and for Ho Chin Minh City in Vietnam, fares start from INR 29,946 and INR 35,400.
"These levels of comfort and amenity were mirrored aboard our fleet of Embraer E175 regional jets and are perfectly complemented by our medium-haul Boeing B737 economy class service.
The new premium economy class features a new seat and entertainment system, a quieter more spacious cabin and a wider seat with a bigger incline.
Cathay issued business class tickets from New Delhi to Sydney and economy class tickets from Sydney to LA.
Passengers who booked an Economy Class special fare before July 10 were automatically given an upgrade to Business Class, allowing them to travel to Dubai and beyond in Business Class at an Economy Class price.