Economy is the state of a country or region in terms of the production and consumption of goods and services and the supply of money. It is a large set of inter-related economic production and consumption activities which aid in determining how scarce resources are allocated. The economy encompasses everything related to the production and consumption of goods and services in an area. The economy and the factors affecting the economy have spawned one of the largest fields of study in human history - economics. The study of economics can be broken into two major areas of focus, microeconomics and macroeconomics.
Innovations are new idea, device or process. Innovations are the application of better solutions that meet new requirements, inarticulated needs or existing market needs. It is proficient through more effective products, processes, services, technologies, or new ideas that are readily available to markets, governments and society. Innovations are something original and novel, as a significant, new that breaks into the market or society.
Last date updated on June, 2014