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Gig economy may hold some hope for jobs in age of COVID-19

Hundreds of thousands of Australians are out of work as a result of COVID-19, but a QUT expert says some may find new jobs through digital platforms, particularly in areas like food delivery, writing, law, accountancy, home ...

World needs 'green recovery', health experts tell G20 leaders

Trillions of dollars, euros and yuan pouring into post-pandemic economies must build a "healthy and green recovery", 200 medical groups representing 40 million health professionals worldwide told G20 leaders Tuesday in an ...

Building bricks from plastic waste

Revolutionary 'green' types of bricks and construction materials could be made from recycled PVC, waste plant fibers or sand with the help of a remarkable new kind of rubber polymer discovered by Australian scientists.

Global CO2 emissions to drop 4-7% in 2020, but will it matter?

Global CO2 emissions from fossil fuels are set to drop by up to seven percent in 2020 because of the coronavirus pandemic, but even this dramatic decline—the sharpest since WWII—would barely dent longterm global warming, ...

Can we estimate the time until the next recession?

As the world economy is falling into one of the biggest contractions of the last decades, a new study of economic recession patterns finds that the likelihood of a downturn was high even before the onset of the Coronavirus ...

What a sustainable circular economy would look like

More than 100 billion tonnes of materials entered the global economy in 2017 to generate power, build infrastructure and homes, produce food, and provide consumer goods such as clothes and phones. There are now more phones ...

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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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