Economy

Economy refers to the system by which goods and services are produced, distributed, and consumed within a society. It encompasses all activities related to the management of resources, including labor, capital, and land, and it involves the interactions between individuals, businesses, and governments. Economies can be classified in various ways, such as by their structure (e.g., traditional, command, market, or mixed economies), or by their scale (microeconomics focusing on individual and business behavior, and macroeconomics addressing large-scale economic factors). The economy is influenced by factors such as supply and demand, monetary and fiscal policies, and global trade. It plays a critical role in determining the standard of living, employment rates, and wealth distribution in a society.