Economy
Economy
Economy (pronunciation: /ɪˈkɒnəmi/ or /eɪˈkɒnəmi/) is a term that originates from the Greek word "oikonomia", which means "household management". It refers to the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Etymology
The term "economy" comes from the Greek word "oikonomia", which is derived from "oikos" meaning "house" and "nomos" meaning "law" or "custom". It was first used in English in the 15th century to refer to the management of household affairs. By the 17th century, it had evolved to mean the management of resources in a community, state, or nation.
Related Terms
- Gross Domestic Product (GDP): The total value of goods produced and services provided in a country during one year.
- Inflation: The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
- Deflation: The reduction of the general level of prices in an economy.
- Recession: A period of temporary economic decline during which trade and industrial activity are reduced.
- Economic Growth: An increase in the inflation-adjusted market value of the goods and services produced by an economy over time.
- Supply and Demand: An economic model of price determination in a market.
- Fiscal Policy: The use of government revenue collection and expenditure to influence a country's economy.
- Monetary Policy: The process by which the monetary authority of a country controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.
External links
- Medical encyclopedia article on Economy
- Wikipedia's article - Economy
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