This question can be the first that occurs in your mind when you visit this page for the first time. Many people do not find any interest or importance in this subject, but I can assure you that once you start to find out more and analyse this financial science called economy, you will understand its importance.
So, let’s start with a simple definition: what is economy?
According to the dictionary, economy is the state of a country or region in terms of the production and consumption of goods and services and the supply of money. In other words, economy is a term describing the various ways in which people produce, use and exchange all needed and wanted goods and services. Economy is the thing that allows us to survive and thrive, therefore, we must understand that without it, we would not be capable of existing.
Economy is not only “stuff concerning money”. A system where no money is involved and trade is done as direct exchange of goods is an economy too, and that’s why it makes economy even more interesting.
Another concern of the population that is related to the economic part is the wealth that they own. We all know that having enough is extremely important for stability, low crime levels and cultural, scientific and technological progress. For example, if you had enough of everything, would you feel the need to commit crime or wage war on other state in which you would have very high risk of losing what you have? Most probably not.
On the other hand, if you can’t afford to fulfill your human needs such as food, water and entertainment) would you produce works of arts or contemplate the nature of the world? The answer is again a probable no – you would spend most of your time working towards mere survival.
In conclusion, good economical conditions are probably one of the most important factors needed to ensure stability, peace among nations and thriving human culture.
I hope that now you’re curious:)
Economic Updates 