General Economic Concepts

An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade[1], and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'.[2] Economic agents can be individuals, businesses, organizations, or governments. Economic transactions o

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