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The real economy concerns the production, purchase and flow of goods and services (like oil, bread and labour) within an economy.It is contrasted with the financial economy, which concerns the aspects of the economy that deal purely in transactions of money and other financial assets, which represent ownership or claims to ownership of real sector goods and services.
Nonmarket as well as its antecedents "non-economic" and "social" reflects the long search for a term that would encompass what is "not market" after the economic market institution had become the dominant exchange mechanism in modern capitalist economies. "Market" itself is a complex concept which Boyer (1997: 62-66) variously categorized as:
A non-commercial (also spelled noncommercial) activity is an activity that is not carried out in the interest of profit. [1] The opposite is commercial , something that primarily serves profit interests and is focused on business.
Activities may have non-priced costs and benefits which never feature on the balance sheet, at most in propaganda and advertising. The Marxian view is also dismissed by ecologists, because it argues only human labour-time is the substance and source of economic value in capitalist society [ disputed – discuss ] . [ 4 ]
Economic activity in the hypothetical quaternary sector comprises information- and knowledge-based services, while quinary services include industries related to human services and hospitality. [2] Economic theories divide economic sectors further into economic industries.
In his 1989 book The Underground Economies: Tax Evasion and Information Distortion, Edgar L. Feige examined the economic implications of a shift of economic activity from the observed to the non-observed sector of the economy. Such a shift not only reduces the government's ability to collect revenues, it can also bias the nation's information ...
Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
Goods are items that are usually (but not always) tangible, such as pens or apples. Services are activities provided by other people, such as teachers or barbers.Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.