Machine learning & AI

Saudi to invest $20 billion in AI by 2030

Saudi Arabia announced Thursday it will invest $20 billion in artificial intelligence projects by 2030, as the oil-rich country seeks to diversify its economy amid slumping crude prices.

Energy & Green Tech

Japan's Toshiba retreats from coal-fired power stations

Japanese engineering giant Toshiba will not build any more coal-fired power plants and will shift to renewable energy in a bid to reduce greenhouse emissions, the company's president said Wednesday.

Automotive

GM rides US love for trucks, SUVs to blowout 3Q profits

America's love of big autos translated into blowout results Thursday for General Motors, which also benefited from recovering sales in China following a big hit amid the coronavirus pandemic.

Business

Gig economy lives on after California passes Uber-led referendum

The so-called "gig economy" survived a key test in Tuesday's election as California voters approved a referendum backed by ride-hailing giants such as Uber which preserves the use of contractor-drivers and potentially opens ...

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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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