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Shard reveals how Cyprus' ancient kingdoms managed economy

The discovery of a small clay shard inscribed with a partial inventory of goods at a 2,500-year-old citadel suggests that Cyprus' ancient city states "more than likely" managed their economies using a homegrown system, not ...

A catalyst for sustainable methanol

Scientists at ETH Zurich and oil and gas company Total have developed a new catalyst that converts CO2 and hydrogen into methanol. Offering realistic market potential, the technology paves the way for the sustainable production ...

NAFTA's demise puts Canada in the 'penalty box,' study shows

Research has long indicated that the elimination of the North American Free Trade Agreement (NAFTA), or simply the withdrawal of the U.S. from NAFTA, would reduce standards of living in Canada, Mexico and the U.S.

IMF downgrades world growth, warns of 'precarious' 2020

Global trade tensions, continued uncertainty and rising prospects for a no-deal Brexit are sapping the strength of the world economy, which faces a "precarious" 2020, the International Monetary Fund warned on Tuesday.

In sluggish Russian economy, halal sees growth

The manager of a sausage factory near Moscow, Arslan Gizatullin says his halal business has been feeling the pinch—not so much from Russia's sluggish economy but competitors vying for a piece of a growing Islamic market.

UK unveils draft law to tax tech giants

Britain on Thursday unveiled draft legislation for a "digital services tax" on global tech giants, which it plans to impose until leading economies reach an agreement on the contentious issue.

Five ways to be a responsible wildlife tourist

Imagine walking through a lush tropical forest. You hear a rustle overhead, and a half-eaten fruit plops onto the trail. You lock eyes with a howler monkey, before he gives a soft grunt and moves higher into the trees. These ...

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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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