Engineering

Building out of concrete, but without pouring concrete

EPFL researchers have built a footbridge prototype using reinforced-concrete blocks from walls of a building being renovated. The blocks were cut into individual pieces on site and assembled into a prestressed arch. This ...

Business

US to press for semiconductor relief at EU tech meeting

US President Joe Biden will use this week's inaugural technology ministerial with the European Union to push for solutions to the nagging semiconductor supply issue that has hit the American economy, officials said Monday.

Energy & Green Tech

Understanding consumer decisions about aging solar panels

By 2050, there could be 80 million metric tons globally of solar photovoltaics (PV) reaching the end of their lifetime, with 10 million metric tons in the United States aloneā€”or the weight of 30 Empire State Buildings.

Energy & Green Tech

Building with new thinking and old components

On 21 February of this year, the leaders of seven Norwegian cities published a notice on new environmental requirements for the construction industry.

Business

Tech crackdown is a cloud over China economy, ex-WTO chief says

China's regulatory efforts to increase control over its technology sector adds another "decoupling engine" to the global economy, which could weigh on Chinese growth prospects, the former head of the World Trade Organization ...

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Economy

An economy (or "the economy") is the realized economic system of a country or other area. It includes the production, exchange, distribution, and consumption of goods and services of that area. The study of different types and examples of economies is the subject of economic systems. A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, among other factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

Today the range of fields of study exploring, registering and describing the economy or a part of it, include social sciences such as economics, as well as branches of history (economic history) or geography (economic geography). Practical fields 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. All kind of professions, occupations, economic agents or economic activities, contribute to the economy. Consumption, saving and investment are core variable components in the economy and determine market equilibrium. There are three main sectors of economic activity: primary, secondary and tertiary.

The word "economy" can be traced back to the Greek word "one who manages a household", derived from οἴκος, "house", and νέμω, "distribute (especially, manage)". From οἰκονόμος "of a household or family" but also senses such as "thrift", "direction", "administration", "arrangement", and "public revenue of a state". The first recorded sense of the word "economy", found in a work possibly composed in 1440, is "the management of economic affairs", in this case, of a monastery. Economy is later recorded in other senses shared by οἰκονομία in Greek, including "thrift" and "administration". The most frequently used current sense, "the economic system of a country or an area", seems not to have developed until the 19th or 20th century.

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