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Environmental groups call for speed limits on ships

Environmental groups Seas At Risk and Transport and Environment have announced the results of a study they commissioned to Reynolds Environmental Sustainability Consultants (RESC). A paper written by the team at RESC has ...

Japan retailers to charge for plastic bags from 2020

Japanese retailers including supermarkets and convenience stores will be required to charge for plastic bags from next summer ahead of the Tokyo Olympics, a government panel agreed Friday.

Automakers side with Trump in legal fight with California

General Motors, Fiat Chrysler, Toyota and 10 smaller automakers are siding with the Trump administration in a lawsuit over whether California has the right to set its own greenhouse gas emissions and fuel economy standards.

Researchers develop biorenewable, biodegradable plastics

Researchers Haritz Sardón, Ainara Sangroniz and Agustin Etxeberria at the UPV/EHU's Faculty of Chemistry, together with the researchers Eugene Y.-X. Chen, Jian-Bo Zhu and Xiaoyan Tang at Colorado State University (U.S.), ...

Four-day working week movement gathers momentum

A four-day working week continues to gain favor, says Head of Work and Pay at the New Economics Foundation think tank in the UK, Alice Martin, speaking ahead of her appearance at Swinburne's Society 4.0 Conference.

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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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