Economy

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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 observer.[1]

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