| ----DICTIONARY---- 01_HOME 72_C Economic ----BACK---- |
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economic [,i:k*.'nomyk] |
Understanding "economic": Economic refers to anything related to the production, distribution, and consumption of goods and services. It involves the management and utilization of resources to satisfy human needs and desires. Economic activities encompass various sectors such as agriculture, manufacturing, and services. Economic systems can range from market economies to planned economies. Economic indicators measure the health and growth of an economy, including employment rates, GDP, and inflation. Economic policies are implemented to influence economic processes, such as monetary and fiscal policies. Economic theories and models are utilized to analyze and forecast economic behavior. 💡1-liner summary: "Economic pertains to the production, distribution, and consumption of goods and services, involving resource management, various sectors, indicators, policies, and theories." |
Explain the word "economic". Give some examples of using the word "economic" in sentences.