Can someone tell me about whole meaning of economy? Is it nice to learn about economy and what's the benefit?
When there is talk about 'the' economy, it usually means a large area, such as a town, state or country.
So let me try to make it a little easier to understand.
Say I live in a rural area where there are not many jobs. This would be called a 'poor' economic area, because not much income is produced.
Joe, down the road buys a portable saw mill for a few thousand dollars after selling some trees from his property.
He advertises locally that he will cut trees into lumber for anybody interested.
Everyone around has lots of trees and sells the trees to Joe who explains that he will pay everyone when the lumber sells.
He looks up prices and undercuts other lumber producers in the next state.
People rush to buy lumber from Joe from far away, because it is good quality lumber but cheaper.
Joe pays the people in the surrounding area for the trees they sold him.
After a few years his business booms and he is employing about 30 people.
All the money coming into the area now would make this now a 'rich', or 'wealthy' economic area, because everybody has more money than they had before. Other businesses are starting to pop up around Joe's lumber business....It's called a local economic boom.
The benifit is Joe helped everyone in the whole area by starting a small business and expanding it. Property values go up, a few people build new houses, and there is talk of starting an ethonal plant from Joes saw dust droppings,,,etc, etc.
Now that we're all economically rich, bye, bye.
economy is well everywhere.
The economy is the money spent within a certain geographic region.
It counts the money spent on all things. From this data you can draw conclusions, and provide analysis.
Is it "nice"? It's not nice, it's important. The proper execution of economic policy is one of the most important things the government does. If you don't know anything about economics, then you're unlikely to understand what politicians are talking about. This means you're likely to vote against your own economic interests, since you won't understand what those interests are, or how they're best served.
Is it "nice." Pshht.
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