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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 SECs report marks a watershed moment in the maturation of the token ecosystem.
Members of the public can also collect on behalf of a school, but tokens must either be sent directly to the school or stuck to a token collect sheet, which can be downloaded online.
Based on 3DES encryption standards and available for PalmOS, RIM Blackberry and Microsoft Windows platforms, ION Secure 520 Soft Tokens are software applications designed to replace physical authentication tokens found in the form of a smart card or key fob.
In the variant, the scheduler doesn't know the paths in advance but instead has the option of immediately retracting an erroneous move by sending a token backwards along its walk.
Packets of Hula Hoops and Skips each have a token with a token value of one.
Each day's token and bonus token may be collected free, on the day of issue only, 10am to 4pm Mondays to Fridays from the Mail and Record Offices, 40 Anderston Quay, Glasgow.
nC Mobile Token is compatible with all OATH compliant authentication servers.
It meant tracking the development of writing on clay tablets backward in time, from what are known as cuneiform symbols back to pictographs and then to token shapes.
In conclusion, "We feel that this unique product represents a great opportunity for companies to provide a more comprehensive authentication device to the final user," says Venanzio Cipollitti, president of Inteligensa; adding to the fact that "Othis token is a result of joint efforts between nCryptone and Inteligensa, two highly experienced companies into bringing security to any kind of payment or identification transaction.
Forum Sentry STS allows enterprises to manage security token processing functions using a brokered trust model, which avoids the need for many-to-many trust relationships between Web Service consumers and producers.
CRYPTOCard's two-factor authentication tokens now integrate with Pyn Logic's innovative Enzo[TM] security solution to make it simple for organizations to enforce tight database authentication controls for a rapidly-growing number of database servers.
Support for a new software token for BlackBerry(R) handsets which enables remote users logging into the corporate network from a desktop or laptop via a VPN to use their BlackBerry to generate the random password required for two-factor authentication - eliminating the need to carry a separate token