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- An economy is a large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated1. It is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.
An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.
www.investopedia.com/terms/e/economy.aspUnderstood in its broadest sense, 'The economy is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'.
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