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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson


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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
HOW TO CLAIM To redeem two free IRN-BRU Carnival tickets for the opening night, December 20, 2018, collect six differently numbered tokens from the Daily Record and Sunday Mail.
EZcash is presently selling its EZE tokens through the self-drop sale at a special price of 1 Ether = 60000 + 20% bonus EZE tokens.
Jonathan Weibrecht, Director of Real Estate Capital Markets at security token compliance platform Harbor
Jinbi Token is a gold investment platform built on the Ethereum blockchain.
Upon completion of their Token Sale, Swytch will activate a Relay Token with 2% of its circulating token supply within a week of distributing Swytch tokens.
As per the official policy across the province, the token will continue to be issued from 8am to 2pm but in case of the Kharian centre, the situation is entirely different where tokens are issued in the morning [for some time].
Consequently, whether a particular token is deemed to be a security is a threshold question.
Those who fail to pay token tax till June, 30 will be required to pay fine equal to the amount of annual token tax.
London, United Kingdom, March 15, 2016 --( Protectimus introduces a new generation of hardware OTP tokens Protectimus SLIM and Protectimus SLIM mini.
Preference for schedules of conditional reinforcement can also be assessed with concurrent schedules of token reinforcement.
All you need to do is collect 6 tokens - we've started you off with one token below (tokens are printed every day until 2nd February 2015) attach them to the available slots below and send your completed coupon to; LIVERPOOL ECHO IMAGES, Marketing Department, PO Box 48, Old Hall Street, Liverpool L69 3EB.