Economies refer to the systems that determine how goods and services are produced, distributed, and consumed within a society. It involves factors such as supply and demand, prices, production methods, trade relationships, and economic policies.
Related terms
Market Economy: A market economy is an economic system where individuals make most decisions about what goods/services are produced based on supply-demand dynamics.
Command Economy: A command economy is an economic system in which decisions regarding production are made by a central authority (government) rather than individual consumers or businesses.
Globalization: Globalization refers to the increasing interconnectedness and interdependence of countries through trade, communication, and cultural exchanges. It affects economies by creating opportunities for international markets and competition.