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An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area. An economy may also be described as a spatially limited and social network where goods and services are exchanged according to demand and supply between participants by barter or a medium of exchange with a credit or debit value accepted within the network. A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

Contents 1 Range 2 Etymology 3 History 3.1 Ancient times 3.2 Middle ages 3.3 Early modern times 3.4 The industrial revolution 3.5 After World War II 4 Economic Phases of Precedence 5 Economic measures 5.1 GDP 6 Informal economy 7 Largest economies by GDP in 2011 8 Economies with the Largest Contribution to Global Economic Growth from 1996 to 2011 9 See also 10 Notes 11 References 12 Further reading Range Today the range of fields of study examining the economy revolve around the social science of economics, but may include sociology (economic sociology), history (economic history), anthropology (economic anthropology), and geography (economic geography).

Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, range from engineering to management and business administration to applied science to finance. All professions, occupations, economic agents or economic activities, contribute to the economy. Consumption, saving, and investment are variable components in the economy and determine market equilibrium.

There are three main sectors of economic activity: primary, secondary, and tertiary. Due to the growing importance of the financial sector in modern times, the term real economy is used by analystsas well as politicians to denote the part of the economy that is concerned with actually producing goods and services, as ostensibly contrasted with the paper economy, or the financial side of the economy, which is concerned with buying and selling on the financial markets. Alternate and long-standing terminology distinguishes measures of an economy expressed in real values (adjusted for inflation), such as real GDP, or in nominal values (unadjusted for inflation).

Etymology The English words “economy” and “economics” can be traced back to the Greek words ?????????, i.e. “one who manages a household”, a composite word derived from ????? (“house”) and ???? (“manage; distribute”); ????????? (“household management”). The first recorded sense of the word “œconomy” is in the phrase “the management of œconomic affairs”, found in a work possibly composed in a monastery in 1440. “Economy” is later recorded in more general senses, including “thrift” and “administration”. The most frequently used current sense, denoting “the economic system of a country or an area”, seems not to have developed until the 19th or 20th century.

History Ancient times As long as someone has been making, supplying and distributing goods or services, there has been some sort of economy; economies grew larger as societies grew and became more complex. Sumer developed a large scale economy based on commodity money, while the Babylonians and their neighboring city states later developed the earliest system of economics as we think of, in terms of rules/laws on debt, legal contracts and law codes relating to business practices, and private property.

The Babylonians and their city state neighbors developed forms of economics comparable to currently used civil society (law) concepts. They developed the first known codified legal and administrative systems, complete with courts, jails, and government records. Several centuries after the invention of cuneiform, the use of writing expanded beyond debt/payment certificates and inventory lists to be applied for the first time, about 2600 BC, to messages and mail delivery, history, legend, mathematics, astronomical records and other pursuits.

Ways to divide private property, when it is contended… amounts of interest on debt… rules as to property and monetary compensation concerning property damage or physical damage to a person… fines for ‘wrong doing’… and compensation in money for various infractions of formalized law were standardized for the first time in history. Greek drachm of Aegina. Obverse: Land turtle / Reverse: ???(INA) and dolphin. The oldest turtle coin dates 700 BC The ancient economy was mainly based on subsistence farming. The Shekel referred to an ancient unit of weight and currency.

The first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in a metric such as silver, bronze, copper etc. A barley/shekel was originally both a unit of currency and a unit of weight… just as the British Pound was originally a unit denominating a one pound mass of silver. For most people the exchange of goods occurred through social relationships. There were also traders who bartered in the marketplaces. In Ancient Greece, where the present English word ‘economy’ originated, many people were bond slaves of the freeholders.

Economic discussion was driven by scarcity. Aristotle (384-322 B.C.) was the first to differentiate between a use value and an exchange value of goods. (Politics, Book I.) The exchange ratio he defined was not only the expression of the value of goods but of the relations between the people involved in trade. For most of the time in history economy therefore stood in opposition to institutions with fixed exchange ratios as reign, state, religion, culture, and tradition.