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 human practices and transactions. It does
not stand alone.
A market-based economy is where goods and services are produced and exchanged according to demand and supply between participants (economic agents) by barter or a medium of exchange with a credit or debit value accepted within the network, such as a unit of currency.
A command-based economy is where political agents directly control what is produced and how it is sold and distributed.
A green economy is low-carbon,
resource efficient, and socially inclusive. In a green economy, growth
in income and employment are driven by public and private investments
that reduce carbon emissions and pollution, enhance energy and resource
efficiency, and prevent the loss of biodiversity and ecosystem services
Today the range of fields of the study examining the economy revolve around the social science of economics, but may include sociology (economic sociology), history (economic history), anthropology (economic anthropology), and geography (economic geography). Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, are engineering, management, business administration, applied science, and finance.
All professions, occupations, economic agents or economic activities, contribute to the economy. Consumption, saving, and investment
are variable components in the economy that determine macroeconomic
equilibrium. There are three main sectors of economic activity: primary, secondary, and tertiary.
Due to the growing importance of the economical sector in modern times, the term real economy is used by analystsas well as politiciansto denote the part of the economy that is concerned with the actual production of goods and services, as ostensibly contrasted with the paper economy, or the financial side of the economy,
which is concerned with buying and selling on the financial markets.
Alternate and long-standing terminology distinguishes measures of an
economy expressed in real values (adjusted for inflation), such as real GDP, or in nominal values (unadjusted for inflation).
As long as someone has been making, supplying and distributing goods
or services, there has been some sort of economy; economies grew larger
as societies grew and became more complex. Sumer developed a large-scale economy based on commodity money, while the Babylonians and their neighboring city states later developed the earliest system of economics as we think of, in terms of rules/laws on debt, legal contracts and law codes relating to business practices, and private property.
The Babylonians and their city state neighbors developed forms of
economics comparable to currently used civil society (law) concepts. They developed the first known codified legal and administrative systems, complete with courts, jails, and government records.
The ancient economy was mainly based on subsistence farming. The Shekel referred to an ancient unit of weight and currency. The first usage of the term came from Mesopotamia circa 3000 BC., and referred to a specific mass of barley which related other values in a metric such as silver, bronze, copper etc. A barley/shekel was originally both a unit of currency and a unit of weight, just as the British Pound was originally a unit denominating a one-pound mass of silver.
For most people, the exchange of goods occurred through social
relationships. There were also traders who bartered in the marketplaces.
In Ancient Greece, where the present English word 'economy' originated, many people were bond slaves of the freeholders. The economic discussion was driven by scarcity.
Well-conducted, and with good health status.
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From professor or associate professor or equivalents
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