What is Economy

 What is Economy

👁An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. 

👁In general, it is defined 'as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'.

👁 A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors. 

👁These factors give context, content, and set the conditions and parameters in which an economy functions. 

👁In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone.