economy, economic system (noun)

the system of production and distribution and consumption

economy (noun)

the efficient use of resources

"economy of effort"

economy, thriftiness (noun)

frugality in the expenditure of money or resources

"the Scots are famous for their economy"

economy, saving (noun)

an act of economizing; reduction in cost

"it was a small economy to walk to work every day"; "there was a saving of 50 cents"

economy (Noun)

Effective management of the resources of a community or system.

economy (Noun)

Collective focus of the study of money, currency and trade, and the efficient use of resources.

economy (Noun)

Frugal use of resources.

economy (Noun)

The system of production and distribution and consumption. The overall measure of a currency system; as the national economy.

economy (Noun)

The method of divine government of the world.

economy (Noun)

Management of one's residency.

economy (Adjective)

Cheap to run; using minimal resources; representing good value for money.

Economy

An economy consists of the economic system in a certain region, comprising the production, distribution or trade, and consumption of goods and services in that region or country. An economy is the total aggregate sum of all transactions of value between two agents, such as one individual to one other individual, or between groups of individual activity, such as in organizations to other organizations, and between one nation and another nation. Transactions only occur when both parties agree to the value, commonly expressed in some currency, or price. Then and only then is the sale of good or service acted on in the transaction. An economy represents the diverse activity of all agents engaged in the production of valuable goods and services for other agents in the economy. In the past, economic activity was theorized to be bounded by natural resources, labor, and capital. This view ignores the value of technology, and creativity, especially that which produces intellectual property.

Economy

An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources, labor and capital. It has changed over time due to technology, innovation (new products, services, processes, expanding markets, diversification of markets, niche markets, increases revenue functions) such as, that which produces intellectual property and changes in industrial relations (most notably child labor being replaced in some parts of the world with universal access to education).