Difference between revisions of "Economy"

Economy (view source)

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 The economy of a nation or region refers to the sum of all legitimate activities connected to the production and distribution of [[goods]] and services, or economic activity, within its geographic boundaries.
-Illegitimate economic activities, which includes both illegal activities and non-taxed income, are collectively called the black economy. It accounts for an estimated 15 percent of [[GDP]] in the US and Germany up to 60 percent in Russia, according to one [[economist]].<ref>{{cite web|url=http://samvak.tripod.com/nm043.html|name=The Blessings of the Black Economy|org=samvak.tripod.com|date=September 25, 2008}}</ref>
+Economy, or economies, can refer to one of two meanings:
+*the economic activity of a certain region (i.e. the economy of Chicago); or
+*savings and cost reduction.<ref>{{cite web|url=http://faculty.washington.edu/krumme/gloss/e.html|name=Economy, economies|org=Washington University|date=August 19, 2011}}</ref>
+The [[National Bureau of Economic Research]] (NBER) determines turning points in the state of the economy, publishing start and end dates for [[recession]]s and recoveries.<ref>{{cite web|url=http://www.nber.org/cycles/main.html|name=Information on Recessions and Recoveries, the NBER Business Cycle Dating Committee, and related topics|org=NBER|date=August 19, 2011}}</ref>
 == References ==