The economy
Example: The economy grew quickly after the new trade agreement.
Definition
"The economy" refers to the system of production, distribution, and consumption of goods and services within a particular geographic region, typically a country. It encompasses all activities related to how resources are managed and wealth is generated and exchanged among people and businesses.
Etymology
The term "the economy" originates from the Greek word 'oikonomia,' meaning 'management of a household or administration.' Over time, it evolved to describe the broader management of resources and finances within a community or nation. Did you know? The word initially referred to household management before expanding to national and global scales.
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"The economy" appears in the Vocaplus list "English - History - (B1) - set 1", containing 204 commonly used words.
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