Health

The business case for reducing gun violence

While gun violence in the United States continues to claim lives at an alarming rate, it is also taking a quiet toll on the U.S. economy, according to new research by Zirui Song, associate professor of health care policy ...

Health

How health systems can help build black wealth

Health systems can play important roles in helping Black communities build wealth, according to Penn Medicine and Children's Hospital of Philadelphia (CHOP) experts in a commentary published today in the New England Journal ...

Diseases, Conditions, Syndromes

Long COVID costs Australia millions of working days

Long COVID has already cost the Australian economy three million working days this year, according to a government analysis seen by AFP Friday, significantly worsening the country's acute labor shortages.

Diseases, Conditions, Syndromes

1.7 million locked down in China's Anhui province

China placed 1.7 million people under lockdown in central Anhui province, where authorities reported nearly 300 new cases Monday in the latest of a string of outbreaks testing Beijing's no-tolerance approach to COVID-19.

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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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