Business

Boeing CEO sees fresh demand in China for planes

Boeing has begun talks with China over new plane orders as the country emerges from the economic shutdown caused by the coronavirus, Boeing Chief Executive David Calhoun said Tuesday.

S&P warns 1 in 10 US firms may default on debt

A wave of company defaults is likely to sweep the United States and Europe as measures to contain the coronavirus spark a recession, S&P Global Ratings said Friday.

Business

Netflix and YouTube reduce resolution as virus hits web

Netflix and YouTube will reduce the default image quality of streaming video in Europe to ease pressure on the internet, the firms said Friday, as demand soars with millions confined to their homes over coronavirus fears.

Telecom

EU urges online media to ditch HD during virus

The European Union on Wednesday urged online media platforms to stream movies and entertainment in standard rather than high definition to relieve pressure on the internet during the coronavirus epidemic.

Business

Air New Zealand tests beds for economy passengers

Air New Zealand on Wednesday announced a proposal to put beds in economy-class, which it claimed could prove a "game changer" for passengers desperate to stretch out on long-haul flights.

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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.

This text uses material from Wikipedia, licensed under CC BY-SA