Economy - Page 7

The term "economy" refers to the system of production, distribution, and consumption of goods and services within a society or geographic area. It encompasses various sectors, including agriculture, manufacturing, and services, and involves interactions between individuals, businesses, and governments. The economy can be evaluated through various indicators such as gross domestic product (GDP), unemployment rates, inflation, and trade balances. Economies can be classified into different types, including market economies, planned economies, and mixed economies, each varying in how resources are allocated and decisions are made. In addition to material wealth, the economy also involves the overall wellbeing of the population and the sustainable management of resources.