Difference between revisions of "Economy"

From MarketsWiki
Jump to navigation Jump to search
Line 3: Line 3:
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.  
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 ==
== References ==

Revision as of 15:53, 19 August 2011


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.

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.[1]

The National Bureau of Economic Research (NBER) determines turning points in the state of the economy, publishing start and end dates for recessions and recoveries.[2]

References[edit]