Este contenido está disponible en los siguientes idiomas: Español | Inglés

Human activities related to the extraction, production, exchange, distribution and consumption of limited goods and services, as well as its proper distribution to satisfy the unlimited needs of families, businesses and governments, by doing a correct and effective use of the resources available.

The etymology of “economy” comes from Greek words that mean “one who manages a household”, but it wasn´t until the 19th-20th century that the most frequently used current sense was developed; “the economic system of a country or an area”. T

his term may also refer to:

  1. The quality of being efficient in using resources.
  2.  World economy, economy of the world.
  3.  Virtual economy, an economy simulated in a virtual world.
  4. National economy, the economy of a nation. It´s held to have a unique existence greater than the sum of the individual units within it.
  5. economy class, a class of seating in airline travel.
  6.  Given economy, result of a set of processes that involves culture, values, education, social organization, ecology, as well as other main factors that set the parameters in which an economy functions.
  7. Market based economy, where goods and services are produced without interference and exchanged according to demand and supply between participants by trade with a credit or debit value. This economy requires transparency on information.
  8. Command-based economy, where a central political agent commands what is produced and how it is sold and distributed. There is on mechanism to manage the information about the systems natural supply and demand dynamics.
  9. Informal economy, economic activity that is neither taxed nor monitored by a government, contrasted with a formal economy.
To measure the size of a country´s economy it´s used the gross domestic product (gdp). The cultures that create more productive economies and function better than others create higher GDP. The economics is divided into two branches; microeconomics and macroeconomics. In one hand, microeconomics is the study of the economic behavior of individual units of an economy, such as a person, household, firm or industry in an attempt to understand the decision-making process of firms and households. On the other hand, macroeconomics studies the economic behavior of the aggregate economy, rather than individual markets.