What is economy?

Question

Hey!

My socials teacher asked me, "During the Industrial Revolution, consider whether the economy improved or not." I'm kinda ashamed to admit it but I still don't fully understand what economy is.

I know it has something to do with money and other..... stuff but I don't know exactly what is. Looking it up in a dictionary doesn't help much either.

Can someone help me?

Thanks!

Answer 1

An economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of goods and services.

Good Luck!!!

Answer 2

The economy is everything that deals with money and barter (trade). Basically, if a region or country's economy is improving, fewer and fewer people are unemployed---they are working, earning money and spending money---which causes other people to earn the money that was spent by person #1. It goes on and on.

If the economy is sinking or failing, more people are unemployed or underemployed. Underemployed is when you do not have a job and salary that you are qualified to have. Such as a teacher that could not find a job and has to work as a cashier at WalMart to earn money.


During the Industrial Revolution, inventions were created that made farming easier and allowed more and more people to get non-agricultural jobs in factories. An economy grows when there are fewer people required to farm and grow food for the rest of the population. If fewer people need to farm, they are able to get industrial jobs that increase the region or nations earnings faster.

Answer 3

"Economics" is the study of the way that the world allocates limited stuff in a world where everyone has unlimited desires.

More specifically, it is the way that we "distribute" stuff by buying and selling and paying, etc.

Your teacher wants to know whether, on average, the world was better off in terms of "stuff" during the Industrial Revolution. The answer, of course, is "yes", since it became possible to own better goods at cheaper prices.

Many people were able to move from a subsistence farm life to earning a wage in a factory -- granted, many of the jobs really sucked, but the alternative was death by starvation when the crops failed on the farm.

Answer 4

let me help you....economy is the system or range of economic activity in a country, region, or community....hope this simple explanation can help...

Answer 5

why is economy important in a civilization?