Economy
Economy is an area of
the production, distribution or trade,
and consumption of goods and services by different
agents in a given geographical location. The economic agents can be
individuals, businesses, organizations, or governments. Transactions occur when
two parties agree to the value or price of the transacted good or service,
commonly expressed in a certain currency.
Economic activity is spurred by production
which uses natural resources, labor, and capital. It has changed over time due
totechnology (automation, accelerator of process, reduction of cost
functions), innovation (new products, services, processes, new markets,
expands markets, diversification of markets, niche markets, increases revenue
functions) such as that which produces intellectual property and changes
in industrial relations (child labor being replaced
with universal access to education).
Here, we have Provided Economy information
which is relevant to UPSC and PSCs Examination:
Topics
