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The economy is the system of production, distribution, and consumption of goods and services. It is based partly on market exchanges of commodity money, capital, shares and bonds. This means that the incentives it offers influence human behavior in various ways. For instance? The national economy can be affected by emigration or immigration of people into or out of a country; it can also be influenced by the amount of public investment in areas like education and health care; it could even be influenced by factors like military expenditure or natural disasters. Obviously there are many other factors involved with the economy which make it not purely about profit-making but also about decisions geared towards social welfare. The study of the economy covers many different fields, all of which involve specialists. For example there are experts on finance dealing with money and interest rates; specialists in industry who produce goods; experts in agriculture who not only produce food but also help treat animals and plants; experts in commerce who sell the fruits of the experts' efforts to the public; experts in government who understand things like taxation or foreign trade, and finally experts on public services like sewage works or garbage disposal. The economy is therefore very complex. It has to be studied by social scientists, economists, financiers, politicians and anyone interested overall about how an economy functions. An economy is a process of production, distribution and consumption which can be understood academically. It is the way in which the world produces goods and services, distributes them around the globe to those who need them, and allows people to consume what they have produced. The term ‘economy’ derives from two Greek words meaning ‘household’ or ‘dwelling’. It is often referred to as the ‘economic system’, but this is misleading because it suggests that economics are just material things rather than the study of how institutions work. The economy is thus a study that looks at how things are done. It looks at how goods are distributed, produced, consumed and wasted. It tries to understand why these processes take place the way they do. Economics is also an umbrella term covering two disciplines called economics and econometrics. The first examines what things are valuable to people, how much they are valuable, and the conditions under which they are exchanged for each other. The second includes question of statistical measurement of economic behaviour in order to describe it statistically. It is not simply a matter of adding up numbers because real-life economics are not simple arithmetic problems. We must also consider what results from social interaction between people who have different motives for making choices that affect each other’s lives.. Economic decision-making involves all sorts of considerations that most people take for granted such as the prices of goods and services, the incentive to work, and interest rates. The study of economics looks at how these decisions affect each other – for example, how an increase in the wages paid to unskilled workers will affect different groups – and whether they result in a desirable situation for everyone. Economics is therefore a study of the economy and the factors that control economic behaviour: its subject matter is human behaviour with respect to production and consumption. cfa1e77820