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 meeting was attended by Deputy Minister of Economy and Planning Ahmed bin Ibrahim Al-Hakami and Japanese Ambassador to the Kingdom of Saudi Arabia Shigeru Endo.
Summary: Tunis, Muharram 05, 1432, Dec 11, 2010, SPA -- Deputy Minister of Economy and Planning Ahmad Alhakami called for benefiting from Japanese technology and for transferring it to the Arab region.
Summary: Preparations for the next meeting of the Joint UAE-Spain Economic Committee and ways to enhance economic cooperation between the two countries on Saturday were discussed by Minister of Economy Sultan bin Saeed Al Mansouri and Spanish Ambassador Jose Eugenio Salarich.
Musleh bin Hamid Al-Otaibi met here on Saturday evening with the Minister of Economy, Labor and Transport of Lower Saxony State of Federal Republic of Germany J?
Summary: ABU DHABI -- Over 130 states participating at the International Civil Aviation Organisation (ICAO) security conference elected Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of General Civil Aviation Authority, to chair the high level security conference held in the organisation's headquarters in Montreal, Canada, from September 12-14.
Minister of Economy and Anti-Monopoly Policy of Kyrgyzstan Temir Sariev takes part in the Second meeting of the ministers of economy of the Cooperation Council of Turkic Speaking Nations in Baku on August 13-14, reported press office of the Ministry.
21, 2010, SPA -- Ali Awwad Asiri, Saudi Ambassador to Lebanon, met here today Mohammad Safadi, Lebanese Minister of Economy and Trade.
Summary: Sultan bin Saeed Al Mansouri, Minister of Economy viewed strategic and operation performance indicators at the Ministry for the current year.
Vice Prime Minister for Economy and Investments Joomart Otorbaev and Deputy Minister of Economy of Poland Andrzey Dycha discussed expansion of bilateral ties at the meeting on June 27 in Bishkek, the government's press service said.
Summary: Vienna, May 26, 2010, SPA -- The Saudi Austrian Joint Committee concluded its fourth session here today, co-chaired by Ahmed bin Ibrahim Al-Hakami, Deputy Minister of Economy and Planning of the Kingdom of Saudi Arabia and Joseph Mayer, Deputy Minister of Economy, Family and Youths of the Federal.
The Minister of Economy of Azerbaijan, co-chair of the State Commission on Economic, Commercial and Humanitarian Cooperation between the Republic of Azerbaijan and the Islamic Republic of Iran, Shahin Mustafayev, emphasized the development of healthcare cooperation between our countries during the meeting with Iranian Minister of Health, Medical and Medical Education Hasan Gazizade Hashimi.
Isakov has earlier reprimanded Minister of Economy Artyom Novimov, Chairman of the State Customs Service Kubanychbek Kulmatov, gave a severe reprimand to Deputy Minister of Economy Bakkeldi Tyumenbayev and Deputy Chairman of the State Customs Service Zamirbek Niyazaliyev for misconduct of their official duties in preparation for ratification of the Customs Code of the Eurasian Economic Union dated April 11, 2017.

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