Economy

Economy refers to the system by which goods and services are produced, distributed, and consumed within a society. It encompasses the various processes and relationships involved in the management of resources, including labor, capital, and land, to meet the needs and wants of individuals and communities. Economies can be classified into different types, such as traditional, command, market, and mixed economies, depending on how they are organized and how economic decisions are made. Key concepts associated with the economy include supply and demand, inflation, unemployment, and gross domestic product (GDP). The study of economics seeks to understand how resources are allocated and the effects of economic policies and conditions on societies.