What is the/an economy?

[ThisIsAnOutrage]

I'm going to regret asking for this, but talk to me like I'm stoopid here. What exactly is an economy?

I was reading about the US economy and it was a pretty thorough article with points about household debt, employment rates, numbers of people on benefits, etc. The stats, according to the article, indicated that the economy was good. Yet, the majority of people surveyed felt it was bad .
The article then took aim at the idea that people think the economy is good when they feel that they have enough money and opportunity for advancement, and bad when they feel that they don't have enough money or opportunity.

It seems to me neither view, stats or feelings, really capture what an economy is but parts of each might.play a role? Surely the stats only matter if people think an economy is good.

What really is an economy?

[calgarygeologist]

Originally Posted by ThisIsAnOutrage

What really is an economy?

No one really knows.

[iggy_oi]

Originally Posted by ThisIsAnOutrage

I'm going to regret asking for this, but talk to me like I'm stoopid here. What exactly is an economy?

I was reading about the US economy and it was a pretty thorough article with points about household debt, employment rates, numbers of people on benefits, etc. The stats, according to the article, indicated that the economy was good. Yet, the majority of people surveyed felt it was bad .
The article then took aim at the idea that people think the economy is good when they feel that they have enough money and opportunity for advancement, and bad when they feel that they don't have enough money or opportunity.

It seems to me neither view, stats or feelings, really capture what an economy is but parts of each might.play a role? Surely the stats only matter if people think an economy is good.

What really is an economy?

It’s basically every part of what keeps our society going. Some people seem to think it only has to do with financial stats.

[DoubleF]

A man made ecosystem for a thing called civilizations?

[ThisIsAnOutrage]

Originally Posted by calgarygeologist

No one really knows.

I feel like you are right.

But if so, then isn't the economy just a common delusion?That can't be it.

[topfiverecords]

One of our resident condescending know-it-alls will be with you shortly. All our agents our currently busy serving other customers.

[calgarygeologist]

Originally Posted by ThisIsAnOutrage

I feel like you are right.

But if so, then isn't the economy just a common delusion?That can't be it.

It is an enigma.

[ThisIsAnOutrage]

Originally Posted by topfiverecords

One of our resident condescending know-it-alls will be with you shortly. All our agents our currently busy serving other customers.

For once, I am counting on this.

[Sliver]

I can't wait to read a good and ELI5-type answer.

This is a genuinely good question.

[calgarygeologist]

Originally Posted by Sliver

I can't wait to read a good and ELI5-type answer.

This is a genuinely good question.

Put simply it is all the interconnected policies and activities that convert resources into goods and make those available to consumers through markets at a given cost.

[ThisIsAnOutrage]

Originally Posted by calgarygeologist

Put simply it is all the interconnected policies and activities that convert resources into goods and make those available to consumers through markets at a given cost.

So the/an economy is just a human endeavour? Like technology? That tracks.

[afc wimbledon]

the difficulty is we measure 'the economy' by its average which is not a great measure for most people, consider 20 people in a bar having a drink, their average income might be 50,000 Bill Gates walks into the bar, all of a sudden their average wealth is about 5 billion each and yet nothing has changed for anyone

[PepsiFree]

I feel like opendoor is the man for this job.

[ThisIsAnOutrage]

Originally Posted by afc wimbledon

the difficulty is we measure 'the economy' by its average which is not a great measure for most people, consider 20 people in a bar having a drink, their average income might be 50,000 Bill Gates walks into the bar, all of a sudden their average wealth is about 5 billion each and yet nothing has changed for anyone

Well, things are looking up for the bar, I guess.

[Fuzz]

Originally Posted by PepsiFree

I feel like opendoor is the man for this job.

I was holding out for Azure to tackle it.

[topfiverecords]

Originally Posted by PepsiFree

I feel like opendoor is the man for this job.

I thought we were certain opendoor wasn’t human.

[PaperBagger'14]

Google AI had an answer that was rather simple, but accurate based on my understanding. The answer was a blend of both quantitative and qualitative reasons so to some extent it is a man made concept. Here it is:

“ A country's economy is basically the giant system of buying and selling that happens within its borders. Here's a breakdown of the key parts:

People and Businesses: People work in businesses that produce goods (like factories and farms) and services (like teachers and doctors).
Production and Consumption: Businesses use resources to create goods and services that people then buy and consume.
Money Flow: Money flows through the economy as people buy goods and services from businesses, and businesses pay people for their work.
The health of the economy depends on how well all these parts work together. A strong economy means there's a healthy balance between production, consumption, and money flow. This can lead to things like more jobs, higher wages, and a better overall standard of living for the people in the country.”

Based on that definition there is a balance between how much and how freely money is changing hands (quantitative) and how good standards of living are (qualitative).

[bizaro86]

Originally Posted by PaperBagger'14

Google AI had an answer that was rather simple, but accurate based on my understanding. The answer was a blend of both quantitative and qualitative reasons so to some extent it is a man made concept. Here it is:

“ A country's economy is basically the giant system of buying and selling that happens within its borders. Here's a breakdown of the key parts:

People and Businesses: People work in businesses that produce goods (like factories and farms) and services (like teachers and doctors).
Production and Consumption: Businesses use resources to create goods and services that people then buy and consume.
Money Flow: Money flows through the economy as people buy goods and services from businesses, and businesses pay people for their work.
The health of the economy depends on how well all these parts work together. A strong economy means there's a healthy balance between production, consumption, and money flow. This can lead to things like more jobs, higher wages, and a better overall standard of living for the people in the country.”

Based on that definition there is a balance between how much and how freely money is changing hands (quantitative) and how good standards of living are (qualitative).

I like that. I think the economy has 2 main jobs. Determining what goods/services get produced, and then determining who gets to consume those goods and services.

Obviously the more efficient the production becomes the more stuff there is to divide up on the consumption side.

[Sr. Mints]

Flowing trade of goods
Currency, labour, demand
Economic bliss


Sorry, just wrapping up Shogun

[Bagor]

"It's the real world basically.". Innit.

Language.

NSFW!