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California marijuana growers can't take much to the bank

Legalization of marijuana in California has helped some financial institutions in the state increase their assets at the same time many banks, feeling stifled by federal regulations, deny services to licensed growers, manufacturers ...

'Throwaway economy' thwarting climate goals: report

Countries are neglecting the massive impact of the "throwaway" economy on planet-warming emissions, according to research published Wednesday that calculated more than half a trillion tonnes of virgin materials have been ...

UN forecasts lower global economic growth for 2022 and 2023

The United Nations forecast lower global economic growth for 2022 and 2023 on Thursday, saying the world is facing new waves of coronavirus infections, persistent labor market challenges, lingering supply chain issues and ...

Rainy days harm the economy: study

Economic growth goes down when the number of wet days and days with extreme rainfall go up, a team of Potsdam scientists finds. Rich countries are most severely affected and herein the manufacturing and service sectors, according ...

Consumption work in the circular economy: A research agenda

Circular Economy frameworks have become central to debates and interventions that aim to reduce global resource use and environmental despoilment. As pathways to both systemic and micro-scale transformations, there remain ...

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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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