News tagged with economy

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New materials to be developed to repair eyes

For an individual the loss of sight is estimated by the RNIB to have a financial impact of £20k per year and the annual cost to the UK economy is around £6.5 billion in terms of direct healthcare costs and other costs such ...

Jun 02, 2014
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Obama's health plan set for launch, ready or not

Starting on Tuesday, an estimated 50 million Americans who don't have health insurance can start signing up for coverage as the core of President Barack Obama's overhaul takes hold. Subsidies will be available ...

Sep 28, 2013
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CDC: Heavy drinking a costly burden to US

(HealthDay)—Excessive drinking is a major economic problem in the United States, costing billions of dollars in health care costs, lost worker productivity and other consequences involved, the federal government ...

Aug 13, 2013
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Doctors say cancer drug costs are too high

More than 100 doctors from around the world have signed a letter decrying the high cost of cancer drugs which reach $100,000 per year or more, and calling for pharmaceutical companies to ease prices.

Apr 26, 2013
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Simulator can teach basic robotic-assisted surgery

(HealthDay)—About half of medical students with no experience with robotic-assisted laparoscopic surgery can learn basic skills within two sessions using a simulator, according to a study published in the ...

Mar 29, 2013
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Economy

An economy (or "the economy") is the realized economic system of a country or other area. It includes the production, exchange, distribution, and consumption of goods and services of that area. The study of different types and examples of economies is the subject of economic systems. A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, among other factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

Today the range of fields of study exploring, registering and describing the economy or a part of it, include social sciences such as economics, as well as branches of history (economic history) or geography (economic geography). Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, range from engineering to management and business administration to applied science to finance. All kind of professions, occupations, economic agents or economic activities, contribute to the economy. Consumption, saving and investment are core variable components in the economy and determine market equilibrium. There are three main sectors of economic activity: primary, secondary and tertiary.

The word "economy" can be traced back to the Greek word "one who manages a household", derived from οἴκος, "house", and νέμω, "distribute (especially, manage)". From οἰκονόμος "of a household or family" but also senses such as "thrift", "direction", "administration", "arrangement", and "public revenue of a state". The first recorded sense of the word "economy", found in a work possibly composed in 1440, is "the management of economic affairs", in this case, of a monastery. Economy is later recorded in other senses shared by οἰκονομία in Greek, including "thrift" and "administration". The most frequently used current sense, "the economic system of a country or an area", seems not to have developed until the 19th or 20th century.

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