2007-07-02 18:14:29 · 3 answers · asked by Ramesh S 1 in Social Science ➔ Economics
Economy refers to the human activities related with the production, distribution, exchange, and consumption of goods and services. However, its definition transformed throughout history with the activities attributed to economy. The composition of a given economy is inseparable from civilization's history and social organization, and from Earth's geography and ecology, e.g. ecoregions which represent different agricultural and resource extraction opportunities, among other factors.
The fields of study exploring, registering and describing the economy or a part of it, belong in general to the social sciences and include economics as well as branches of history (economic history) or geography (economic geography). Subgroups of economics are macroeconomics, microeconomics, econometrics, national economy, political economy, classical economy, economic anthropology, economic democracy and more. Economic measures such as the Gross Domestic Product (GDP) are part of econometrics. Practical fields more directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, range from engineering to management and business administration to applied science to finance.
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2007-07-02 18:35:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Economy is a general term that refers to many things. It can refer to the cheaper version of certain thing (such as airline seating), or even how efficient certain things are (such as the miles per gallon a car can achieve).
Economics, on the other hand, is a study of how to best use scarce resources. It's pretty sweet, but then again one of my majors is economics so I might be biased. Refer to the source for more detailed information.
2007-07-02 18:23:54 · answer #2 · answered by figgypower 3 · 0⤊ 0⤋
A management of finance
2007-07-03 03:10:16 · answer #3 · answered by Rana 7 · 0⤊ 0⤋