Economy

Economy refers to the system by which goods and services are produced, distributed, and consumed within a society. It encompasses the processes of trade, resource management, and the flow of money, as well as the behaviors, policies, and institutions that influence economic activities. Economies can be classified into different types, such as market economies, which are driven by supply and demand, and planned economies, where decisions are made by central authorities. The study of economy includes various aspects such as microeconomics, which focuses on individual consumers and businesses, and macroeconomics, which looks at overall economic performance, including national income, inflation, and employment levels. The health of an economy is often measured by indicators like gross domestic product (GDP), unemployment rates, and inflation rates.