An economy encompasses all activity related to production, consumption, and trade of goods and services in an area. An economy applies to everyone from individuals to entities such as corporations and governments Economy is defined as the management of financial matters for a community, business or family. An example of economy is the stock market system in the United States. An economy encompasses all activity related to production, consumption, and trade of goods and services in an area. ... The economy of a particular region or country is governed by its culture, laws, history, and geography, among other factors, and it evolves due to necessity Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently. Money is not capital as economists define capital because it is not a productive resource.
