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LSDefine
Simple English definitions for legal terms
economy
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A quick definition of economy:
Economy: The way a group of people manage and use their money and resources. It's like how you manage your allowance or savings. It's important to be efficient and not waste things. Sometimes, when a country buys and sells things with other countries, they try to make sure they are buying and selling the same amount of money's worth. There are also people who do things with money that they don't tell the government about, and that's called the shadow or underground economy.
A more thorough explanation:
Definition: The management or administration of the wealth and resources of a community (such as a city, state, or country). It also refers to the sociopolitical organization of a community's wealth and resources. Additionally, it can mean restrained, thrifty, or sparing use of resources; efficiency.
- Balanced economy: An economy in which the monetary values of imports and exports are equal.
- Overheated economy: An economy that, although it has a high level of economic activity, has the capacity to cause interest rates and inflation to rise.
- Political economy: A social science dealing with the economic problems of government and the relationship between political policies and economic processes.
These examples illustrate the different aspects of the definition of economy. A balanced economy is one where the value of what a country imports is equal to what it exports. An overheated economy is one where there is a lot of economic activity, but it can lead to inflation and higher interest rates. Political economy is a field of study that looks at how government policies affect the economy and vice versa.