Economy

Economy refers to the system of production, distribution, and consumption of goods and services in a society. It encompasses various activities and processes involved in the management of resources, including labor, capital, and land. Economies are often categorized as market economies, where prices and production are determined by supply and demand, or planned economies, where decisions are made by central authorities. The study of economics involves analyzing how individuals, businesses, and governments allocate resources, make decisions, and the consequences of these actions on broader societal welfare. Economic indicators like GDP (Gross Domestic Product), unemployment rates, and inflation are used to assess the health and performance of an economy. The term can also refer to the economic system of a specific region or country.