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 Politics
  Geithner Under Heavy Fire from Critics
  Congress roughed up the Treasury Secretary with calls for his resignation. How will this impact the economy?
  by DrDouglasRice / on Nov 25, 2009
• in Business
  Going Up! UK Inflation is Rising
  The UK's Retail Prices Index jumps by over half a percent as prices begin to rise.
  by orangeduvet / on Nov 17, 2009
• in Business
  Half of UK Employers Will Freeze Pay
  A CBI survey signals more "almost good news" for the British economy.
  by orangeduvet / on Nov 16, 2009

Latest blogosphere posts tagged “Economy”

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