DEFINITIONS OF “THE ECONOMY”

 

There are different definitions of  “The economy”.

Of course, how we define the economy may depend on our own individual or cultural perspective. It can be viewed as narrowly as the management of resources or more broadly to include the all the structures of the economic life of a geographical or political region.

3 definitions of “The economy”

 

Definition by “WIKIPEDIA”

An economy consists of the economic system of a country or other area, the labour, capital and land resources, and the economic agents that socially participate in the production, exchange, distribution, and consumption of goods and services of that area.

 

Definitions by “OXFORD DICTIONARY”

 

1.    The state of a country or region in terms of the production and consumption of goods and services and the supply of money

or

2.    The careful management of available resource

 

Definition by “UK OFFICE FOR NATIONAL STATISTICS”

The economy can be viewed as the circular flow of goods and services from producers to consumers, and the corresponding flow of labour and capital into the production process. Equivalent to this is a flow of money for the services provided.