An economy is the ways in which people use their environment to meet their material needs. It is the realized economic system of a country or other area. It includes the production Manufacturing is the use of machines, tools and labor to make things for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be used for manufacturing, exchange Trade is the voluntary exchange of goods, services, or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals , bill, paper money. Modern traders instead generally negotiate, distribution Distribution in economics refers to the way total output or income is distributed among individuals or among the factors of production (Samuelson and Nordhaus, 2001, p. 762). In general theory and the national income and product accounts, each unit of output corresponds to a unit of income. One use of national accounts is for classifying factor, and consumption Consumption . But the precise definition can vary because different schools of economists define production quite differently. According to some economists, only the final purchase of goods and services constitutes consumption, and every other commercial activity is some form of production. Other economists define consumption much more broadly, as of goods In economics, a good is any object or service that increases utility, directly or indirectly. It should not be confused with the adjective "good", as used in a moral or ethical sense. A good that cannot be used by consumers directly, such as an "office building" or "capital equipment", can also be referred to as a and services of that area. The study of different types and examples of economies is the subject of economic systems An economic system is the system of production, distribution and consumption of goods and services of an economy. Alternatively, it is the set of principles and techniques by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. The economic system is composed of. A given economy is the end result of a process that involves its technological evolution Technological evolution is the name of a science and technology studies theory describing technology development, developed by Czech philosopher Radovan Richta, history History is the study of the human past, with special attention to the written record. Scholars who write about history are called historians. It is a field of research which uses a narrative to examine and analyse the sequence of events, and it often attempts to investigate objectively the patterns of cause and effect that determine events and social organization Social organization or social institution, refers to a group of social positions, connected by social relations, performing a social role. It can also be defined in a narrower sense as any institution in a society that works to socialize the groups or people in it. Common examples include education, governments, families, economic systems,, as well as its geography Geography is the study of the Earth and its lands, features, inhabitants, and phenomena. A literal translation would be "to describe or write about the Earth". The first person to use the word "geography" was Eratosthenes (276-194 B.C.). Four historical traditions in geographical research are the spatial analysis of natural and, natural resource Natural resources occur naturally within environments that exist relatively undisturbed by mankind, in a natural form. A natural resource is often characterized by amounts of biodiversity existent in various ecosystems endowment, and ecology Ecology is the interdisciplinary scientific study of life processes explaining adaptations, external relations and interaction among organisms, the flux of materials and energy through living communities, the successional development of ecosystems, and the abundance and distribution of biodiversity in context of the environment. Ecologists are, among other factors. These factors give context, content, and set the conditions and parameters in which an economy functions.
Today the range of fields of study exploring, registering and describing the economy or a part of it, include social sciences The social sciences are the fields of scientific knowledge and academic scholarship that study social groups and, more generally, human society. The social sciences initially were constituted of five fields: Jurisprudence and Amendment of the Law; Education; Health; Economy and Trade; Art. The contemporary field of science comprise academic such as economics Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic, as well as branches of history History is the study of the human past, with special attention to the written record. Scholars who write about history are called historians. It is a field of research which uses a narrative to examine and analyse the sequence of events, and it often attempts to investigate objectively the patterns of cause and effect that determine events (economic history Economic history is the study of how economic phenomena evolved from a historical perspective. Analysis in economic history is undertaken using a combination of historical methods, statistical methods and by applying economic theory to historical situations. The topic includes business history and overlaps with areas of social history such as) or geography Geography is the study of the Earth and its lands, features, inhabitants, and phenomena. A literal translation would be "to describe or write about the Earth". The first person to use the word "geography" was Eratosthenes (276-194 B.C.). Four historical traditions in geographical research are the spatial analysis of natural and (economic geography Economic geography is the study of the location, distribution and spatial organization of economic activities across the Earth. The subject matter investigated is strongly influenced by the researcher's methodological approach. Neoclassical location theorists, following in the tradition of Alfred Weber, tend to focus on industrial location and use). Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, range from engineering Engineering is the science, discipline, art and profession of acquiring and applying technical, scientific and mathematical knowledge to design and implement materials, structures, machines, devices, systems, and processes that safely realize a desired objective or inventions to management Management in all business and human organization activity is simply the act of getting people together to accomplish desired goals and objectives. Management comprises planning, organizing, staffing, leading or directing, facilitating and controlling or manipulating an organization or effort for the purpose of accomplishing a goal. Resourcing and business administration In business, administration consists of the performance or management of business operations and thus the making or implementing of major decisions. Administration can be defined as the universal process of organizing people and resources efficiently so as to direct activities toward common goals and objectives to applied science Applied science is the application of knowledge from one or more natural scientific fields to solve practical problems. Fields of engineering are closely related to applied sciences. Applied science is important for technology development. Its use in industrial settings is usually referred to as research and development to finance Finance is the science of funds management. The general areas of finance are business finance, personal finance, and public finance. Finance includes saving money and often includes lending money. The field of finance deals with the concepts of time, money and risk and how they are interrelated. It also deals with how money is spent and budgeted. All kind of professions "A profession is a vocation founded upon specialised educational training, the purpose of which is to supply disinterested counsel and service to others, for a direct and definite compensation, wholly apart from expectation of other business gain", occupations Contents: Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z · See also · External links, economic agents In economics, an agent is an actor and decision maker in a model. Typically, every agent makes decisions by solving a well or ill defined optimization/choice problem. The term agent can also be seen as equivalent to player in game theory or economic activities, contribute to the economy. Consumption Consumption . But the precise definition can vary because different schools of economists define production quite differently. According to some economists, only the final purchase of goods and services constitutes consumption, and every other commercial activity is some form of production. Other economists define consumption much more broadly, as, saving Saving is the conservation of money. Methods of saving include putting money aside in a bank or pension plan. Saving also includes reducing expenditures, such as recurring costs. In terms of personal finance, saving specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is higher and investment Investment or investing is a term with several closely-related meanings in business management, finance and economics, related to saving or deferring consumption. Investing is the active redirection of resources: from being consumed today, to creating benefits in the future; the use of assets to earn income or profit. An investment is a choice by are core variable components in the economy and determine market equilibrium. There are three main sectors of economic activity: primary The primary sector of the economy involves changing natural resources into primary products. Most products from this sector are considered raw materials for other industries. Major businesses in this sector include agriculture, agribusiness, fishing, forestry and all mining and quarrying industries, secondary This sector generally takes the output of the primary sector and manufactures finished goods or where they are suitable for use by other businesses, for export, or sale to domestic consumers. This sector is often divided into light industry and heavy industry. Many of these industries consume large quantities of energy and require factories and and tertiary The tertiary sector of economy is one of the three economic sectors, the others being the secondary sector (approximately manufacturing) and the primary sector (extraction such as mining, agriculture and fishing). The general definition of the tertiary sector is producing a service instead of just an end product, in the case of the secondary.
The word "economy" can be traced back to the Greek word "one who manages a household", derived from οἴκος, "house", and νέμω, "distribute (especially, manage)". From οἰκονόμος "of a household or family" but also senses such as "thrift", "direction", "administration", "arrangement", and "public revenue of a state". The first recorded sense of the word "economy", found in a work possibly composed in 1440, is "the management of economic affairs", in this case, of a monastery. Economy is later recorded in other senses shared by οἰκονομία in Greek, including "thrift" and "administration". The most frequently used current sense, "the economic system of a country or an area", seems not to have developed until the 19th or 20th century.
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ue, 06 Oct 2009 17:16:27 GM
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Q. I don't do, sell, or plan on selling drugs. I am just curious how the economy effects the price of illegal street drugs?
Asked by Idontknow - Mon Jun 22 04:55:11 2009 - - 4 Answers - 0 Comments
A. for example: we are in a recession. people have less money for consumer goods, and "street pharmicists" are forced to lower their prices to keep up with the times.
Answered by sh0rtei - Mon Jun 22 05:17:30 2009
