Economy

Economy refers to the system of production, distribution, and consumption of goods and services within a society or geographic area. It encompasses the ways in which resources are allocated and used to meet the needs and wants of individuals and businesses. Economies can be categorized into various types, such as market economies, where supply and demand determine prices and production; command economies, where a central authority makes decisions about resource allocation; and mixed economies, which combine elements of both market and command systems. The study of economy involves analyzing how economic agents, such as consumers, firms, and governments, interact and make choices, and it extends to understanding broader phenomena like inflation, unemployment, and economic growth.