An economy is the realized system of human activities related to the production, distribution, exchange, and consumption of goods and services of a country or other area.
The composition of a given economy is inseparable from technological evolution, civilization’s history and social organization, as well as from Earth’s geography and ecology, e.g. ecoregions which represent different agricultural and resource extraction opportunities, among other factors. Economy refers also to the measure of how a country or region is progressing in terms of product. The word “economy” can be traced back to the Greek word οικονομία, “one who manages a household”, derived from οικος, “house”, and νέμω, “distribute (especially, manage)”. From οικονόμος was derived οικονομία, which had not only the sense “management 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 οικονομία in Greek, including “thrift” and “administration”. What is probably 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.
