Medical economics

Clinical research improves health of UK economy and NHS

The value of clinical research to the NHS, the UK economy and jobs market has been evaluated in a new report, which provides an assessment of the economic impact of the National Institute for Health Research Clinical Research ...

Health

Curbing diesel emission could reduce big city mortality

U.S. cities could see a decline in mortality rates and an improved economy through midcentury if federal and local governments maintain stringent air pollution policies and diminish concentrations of diesel freight truck ...

Other

Record number of patients take part in clinical research

Over 870,000 participants involved in health and social care research across England—a huge increase. The number of new life sciences studies supported by the National Institute for Health Research (NIHR) the highest yet.

Health

If you're not sleeping at work, you should be fired

In days gone by, when our economy was dominated by agriculture and manufacturing, an employee's value was gauged by their inputs. If they slacked off by not placing a bumper on a car fast enough they were unproductive, and ...

Overweight & Obesity

Fighting obesity—could it be as plain as dirt?

It costs the global economy an estimated US$2 trillion annually and has been dubbed a modern day health epidemic, but new research from the University of South Australia has unearthed a possible cure for obesity—and it ...

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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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