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A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
In economics, money is any financial instrument that can fulfill the functions of money (detailed above). These financial instruments together are collectively referred to as the money supply of an economy. In other words, the money supply is the number of financial instruments within a specific economy available for purchasing goods or services.
Other forms include the constant elasticity of substitution production function (CES), which is a generalized form of the Cobb–Douglas function, and the quadratic production function. The best form of the equation to use and the values of the parameters ( a 0 , … , a n {\displaystyle a_{0},\dots ,a_{n}} ) vary from company to company and ...
The first economic problem was how to gain the resources it needed to be able to perform the functions of an early government: the military, roads and other projects like building the Pyramids. Early governments generally relied on tax in kind and forced labor for their economic resources.
Within the field of microeconomics, the "core sphere" of the economy consists of households, families, and community groups that organize the many important economic activities central to sustaining human life. [1] Neva Goodwin of Tufts University outlines the functions of the core sphere to include: Child bearing and child raising
A market economy is an economic system in which the decisions regarding investment, production, ... For market economies to function efficiently, ...