Economy
Economy is the system of human production and consumption of raw materials, goods, and services, which may range from the prosperity of a single household to the wealth of nations. The term, economy, may also refer to the way of how wealth is generally created and used or, particularly, to the careful use and management of money, time, energy, and other scarce resources.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Economy. Social arrangement that determine what is produced, how it is produced, and for whom it is produced.
