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.
Last date updated on June, 2014