The ways in which individuals, businesses, and governments produce, distribute, and consume goods and services within an economy.
Related terms
Capitalism: An economic system characterized by private ownership of resources and means of production, with profits being driven by supply and demand in a competitive market.
Mercantilism: An economic theory prevalent during colonial times that emphasized maximizing exports while minimizing imports through government regulation and control over trade.
Subsistence Farming: A basic form of agriculture where farmers grow crops primarily for their own consumption rather than for sale or profit.