Energy & Green Tech

Energy crisis driving climate-friendly power savings: IEA

Russia's invasion of Ukraine has driven countries across the world to boost energy efficiency, creating "huge potential" to tackle high prices, security and climate change, the IEA said on Friday.

Energy & Green Tech

Green factories are changing minds in more conservative US states

At least $25.7 billion in new US clean-energy factories are in the works, thanks in part to the generous subsidies in President Joe Biden's landmark climate law. Most of these projects—and the jobs that come with them—are ...

Automotive

Review: Toyota RAV4 Prime vs. Hyundai Tucson Plug-in

Since its debut for the 2021 model year, the Toyota RAV4 Prime has served as a benchmark for what a small SUV with a plug-in hybrid powertrain can be. It's efficient, fast and nearly as practical as a regular RAV4. But now ...

Energy & Green Tech

Renewable hydrogen economy outlook in Africa

Global leaders at COP27 are discussing how best to mitigate greenhouse gas emissions and maintain global warming below 2°C to avoid catastrophic climate change.

Automotive

Consumer Reports survey: Hybrids are most reliable vehicles

Gas-electric hybrids were the most dependable vehicles sold in the U.S. in the past year, while big pickup trucks and fully electric automobiles performed the worst in Consumer Reports' annual reliability survey.

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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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