Economy

The economy is the way we produce goods and services and how these goods and services are distributed and used by consumers. In a broad sense, an economy doesn’t have to be a specific size as long as it involves the production and consumption of goods and services.

In a broad sense, everyone contributes to the economy, whether they produce goods or services or consume them. Historically, goods and services were bartered (traded), but in today’s world they are normally purchased with financial instruments. Because of this, the people who control the financial instruments control the economy.

Governments also rely on taxes to raise funds to provide social goods and services, which are levied based on economic activity.

Mismanagement of economic resources can lead to a recession or depression, while good management of economic resources leads to prosperity.

Since World War II, we have seen the “world economy” come into vogue. Organizations such as the World Economic Forum, World Bank, and World Trade Organization now tie different economies together. This has led to a greater awareness of global ecology and how we can sustain the world. It has also made all the economies become more interdependent on each other.

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Original Technorati articles tagged “Economy”

• in Business
  Unemployment Increases to 10.2%, Payrolls Falling
  Unemployment hits a high mark; consumers react
  by sageone73 / on Nov 6, 2009
• in Business
  Worker Productivity Increases; Unemployment Claims Shrink
  Government reports indicate an increase in worker productivity and a reduction in unemployment claims below forecasted.
  by bryanmckay / on Nov 5, 2009
• in Blogging
  Obama Advisers May Urge Second Stimulus
  Obama advisers may consider another "targeted and specific" stimulus package, despite recent assurances that a second stimulus was unnecessary.
  by bryanmckay / on Nov 2, 2009

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