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 An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is a part of the assembly, distribution and trade, in addition as consumption of products and services by completely different agents. Understood in its broadest sense, 'The economy is outlined as a social domain that emphasize the practices, discourses, and material expressions related to the assembly, use, and management of resources'.[1] A given economy is that the results of a collection of processes that involves its culture, values, education, technological evolution, history, social organisation, political structure and legal systems, in addition as its geographics, natural resources endowment, and ecology, as main factors. These factors offer context, content, ANd set the conditions and parameters during which an economy functions. In different words, the economic domain may be a social domain of human practices and transactions. It doesn't stand alone.

Economic agents will be people, businesses, organizations, or governments. Economic transactions occur once 2 teams or parties conform to the worth or value of the transacted sensible or service, normally expressed in a very sure currency. However, financial transactions solely account for alittle a part of the economic domain.

Economic activity is spurred by production that uses natural resources, labor and capital. it's modified over time because of technology (automation, accelerator of method, reduction of price functions), innovation (new merchandise, services, processes, increasing markets, diversification of markets, niche markets, will increase revenue functions) like, that that produces holding and changes in industrial relations (most notably kid labor being replaced in some elements of the globe with universal access to education)

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