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economy
(redirected from economic)

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economy

Set of interconnected activities concerned with the production, distribution, and consumption of goods and services. The contemporary economy is very complex and includes transactions ranging from the distribution and spending of children's pocket money to global-scale financial deals being conducted by multinational corporations.

There are several different types of economy. An economy based on capitalism is one that is concerned with individual accumulation of material wealth; an economy based on socialism is concerned with the equal distribution of wealth throughout a community.



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