what is economy
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An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. In general, it is defined 'as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'.
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An economy is the large set of interrelated production and consumption activity that aid in determining how scarce resources are allocated. In an economy the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.
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