Economy - Scholarly Journal

  An economy is the large set of interrelated production and consumption activities that help determine the allocation of scarce resources. Creation and sale of products and services are used to satisfy the needs of those who work and function inside the market and is often referred to as an economic structure. An economy covers all activities related to the manufacture, consumption, and trade of goods and services in an area. An economy applies to everyone, from individuals to entities like businesses and governments. Market-based economies permit freely flowing goods across the market, depending on supply and demand. Command-based economies rely on a central political agent managing the price and product delivery. Green economies depend on alternative energy sources which are renewable. These systems operate with the ultimate goal of reducing carbon emissions, restoring biodiversity, relying on alternative sources of energy and conserving the environment in general.  

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