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UN Sustainable Development Goals

GOAL 8: Decent Work and Economic Growth


An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources, labor and capital. It has changed over time due to technology, innovation such as, that which produces intellectual property and changes in industrial relations. A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of human practices and transactions. It does not stand alone.

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Organizations relating to Economy

Social Economy Europe / Brussels, Belgium / Est. 2000
International Partnership for Hydrogen and Fuel Cells in the Economy / Berlin, Germany / Est. 2003
Sociedad Internacional de Gestión y Economia Fuzzy / Reus, Spain / Est. 1993
Advertising Business Group / Dubai, United Arab Emirates / Est. 1991
Global Labour Institute / Carouge, Switzerland / Est. 1997
International Executive Service Corps / Washington DC, USA / Est. 1964
Internacia Komerca kaj Ekonomia Fakgrupo / Bruges, Belgium / Est. 1985
World Economy, Ecology and Development / Berlin, Germany / Est. 1990
3D - Trade - Human Rights - Equitable Economy / Geneva, Switzerland / Est. 2003
CARICOM Single Market and Economy / St Michael, Barbados / Est. 2002
Information Economy and Society Partnership
Arab Investment Company / Riyadh, Saudi Arabia / Est. 1974
Club du CEPII / Paris, France / Est. 1982
Institute of World Economy, Almaty / Almaty, Kazakhstan
Living Economies Forum / Bainbridge Island WA, USA / Est. 1990
Research Centre of Applied Economy / Algiers, Algeria / Est. 1985
Kiel Institute for the World Economy / Kiel, Germany / Est. 1914
Mission d'aide au développement des économies rurales afghanes / Paris, France / Est. 1988
Institute of World Economy and International Relations of the Russian Academy of Sciences / Moscow, Russia / Est. 1956
European Council for an Energy Efficient Economy / Stockholm, Sweden / Est. 1993
Euro-Arab Center for Studies, Paris / Paris, France / Est. 1992
Central American Association for Economy, Health and Environment / Zapote, Costa Rica / Est. 1991
Work and Economy Research Network in the European Churches
Centre for Global Political Economy, Brighton / Brighton, UK / Est. 2000
International Association of Investors in the Social Economy / Paris, France / Est. 1989

View all profiles (101 total) in the Yearbook of International Organizations

World Problems relating to Economy

From the Encyclopedia of World Problems and Human Potential

Excessive government intervention in the private sector
Rural poverty
Global economic stagnation
Economic inflation
Underground economy
Subsistence approach to capital resources
Social symbols dominated by the economy
Distortion of national economies from food subsidies
Destruction of rural subsistence economy
Structural rigidity in national economies
War-time disruption of economies and production facilities
Vulnerability of economies to import penetration
Inadequate domestic savings
Improper financing of political parties
Von Economo's disease
Instability of the world economy
Elitist control of global economy
Imbalance in world food economy
Monopoly of the economy by corporations

Action Strategies relating to Economy

From the Encyclopedia of World Problems and Human Potential

Measuring the internet economy
Creating local currency systems
Capturing environmental value

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