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How climate change impacts the economy

The Fourth National Climate Assessment, published in 2018, warned that if we do not curb greenhouse gas emissions and start to adapt, climate change could seriously disrupt the U.S. economy. Warmer temperatures, sea level ...

How climate change impacts the economy

The Fourth National Climate Assessment, published in 2018, warned that if we do not curb greenhouse gas emissions and start to adapt, climate change could seriously disrupt the U.S. economy. Warmer temperatures, sea level ...

Spinning star scientists

Scientists at a research university often play a formative role in the commercialization of intellectual property and inventions emerging from their laboratories. Often, the "spinning off" of a startup company will be to ...

What it takes for green businesses to advertise online

The green industry in the United States is comprised of production and wholesale nurseries and wholesale/retail distribution centers, as well as related marketing interests. While the green industry traditionally has been ...

The art of money: New Paris museum puts economy centre stage

Do consumers make rational choices? It might not sound like the title of an art exhibit, but it's one of the questions visitors can contemplate at France's first museum aimed at revealing the arcane theories and systems underpinning ...

How a 'repair economy' creates a better community

John switches on the power saw he's bought secondhand on eBay. The machine "arcs—shooting out a visible electric charge. So he takes it apart to investigate. He identifies the problem: the field coil, a current-carrying ...

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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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