Updated: Aug 20, 2021

The system of activity connected with the production, trade, and consumption of goods and services of a region, country, or other (not necessarily geographic) area. See also closed economy; dual economy; free-market economy; hidden economy; market economy; mixed economy; open economy; planned economy.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.