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Economy In The Modern Age Essay

2060 words - 9 pages

An economy consists of the economic systems of a country or other area; the labor, capital, and land resources; and the manufacturing, production, trade, distribution, and consumption of goods and services of that area.

A given economy is the result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

A market based economy may be described as a spatially limited social network where goods and services are freely produced and exchanged according to demand and ...view middle of the document...

In this economy all private owners of capital (called capitalist) and of land (called landowners) are not allowed or banned; and the only permitted private ownership is of consumption goods. Capital and land are assigned by the state and movement of labor is severely restricted. There are no profits, dividends, interest or rent. Labor compensation and benefits are decided by central planners.

Finally, a mixed economy contains elements of both capitalism and socialism which means a market based economy with a varied degree of government central planning and state owned enterprises.

1 Range
2 Etymology
3 History
3.1 Ancient times
3.2 Middle ages
3.3 Early modern times
3.4 The industrial revolution
3.5 After World War II
3.6 Late 20th - beginning of 21th century
4 Economic phases of precedence
5 Economic measures
5.1 GDP
6 Informal economy
7 Largest economies by GDP in 2012
8 Economies with the largest contribution to global economic growth from 1996 to 2011
9 See also
10 Notes
11 References
12 Further reading


Today the range of fields of study examining the economy revolve around the social science of economics, but may include sociology (economic sociology), history (economic history), anthropology (economic anthropology), and geography (economic geography). Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, are engineering, management, business administration, applied science, and finance.

All professions, occupations, economic agents or economic activities, contribute to the economy. Consumption, saving, and investment are variable components in the economy that determine macroeconomic equilibrium. There are three main sectors of economic activity: primary, secondary, and tertiary.

Due to the growing importance of the financial sector in modern times,[1] the term real economy is used by analysts[2][3] as well as politicians[4] to denote the part of the economy that is concerned with actually producing goods and services,[5] as ostensibly contrasted with the paper economy, or the financial side of the economy,[6] which is concerned with buying and selling on the financial markets. Alternate and long-standing terminology distinguishes measures of an economy expressed in real values (adjusted for inflation), such as real GDP, or in nominal values (unadjusted for inflation).[7]

The English words "economy" and "economics" can be traced back to the Greek words οἰκονόμος (i.e. "one who manages a household", a composite word derived from οἴκος ("house") and νέμω ("manage; distribute")) and οἰκονομία ("household management").

The first recorded sense of the word "œconomy" is in the phrase "the management of œconomic affairs", found in a work possibly composed in a monastery in 1440....

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