The economy
Example: The economy influences business decisions globally
Definition
"The economy" refers to the system of production, distribution, and consumption of goods and services within a particular geographic region or country, influencing how resources are managed and how financial activities shape the living standards of its population.
Etymology
The term "the economy" derives from the Greek word 'oikonomia,' meaning 'household management.' Over time, it expanded to describe the management of resources on a larger scale, such as national or global markets. Did you know? The word originally referred to managing a household before encompassing broader financial systems.
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"The economy" appears in the Vocaplus list "English - General - (B1) - set 5", containing 113 commonly used words.
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