The economy can be framed within the group of social sciences since it is dedicated to the study of the productive and exchange procedures , and to the analysis of the consumption of goods (products) and services . The word comes from the Greek and means "administration of a house or family" .

In 1932, the British Lionel Robbinsprovided another definition of economic science, considering it as the branch that analyzes how human beings meet their unlimited needs with scarce resourcesthat have different uses. When a man decides to use a resource for the production of a certain good or service, he assumes the cost of not being able to use it for the production of a different good or service. This is called opportunity cost. The function of the economy is to provide rational criteria so that the allocation of resources is as efficient as possible.

Broadly speaking, two philosophical currents can be mentioned regarding the economy. When the study refers to postulates that can be verified, it is a positive economy . On the other hand, when you take into account statements that are based on value judgments that can not be verified, we speak of normative economics .

For the German Karl Marx , economics is the scientific discipline that analyzes the relations of production that occur within society. Based on historical materialism, Marx studies the concept of value-work that postulates that value has its objective origin according to the amount of work necessary to obtain a good.

It should be noted that there are numerous schools of economic thought, which present different approaches to analysis. The mercantilism , the moneratismo , the Marxism and Keynesianism are some of them.

The word "economy" has many uses that allow it to be linked to different aspects of trade exchanges or supply-demand relationships that exist. Some of these meanings are:

Sustainable economy , also known as sustainable development, is a new term that has become fashionable in recent years and that involves a social life project based on the reuse of raw materials for various purposes. It is about changing the productivity process based on an economy based on caring for the environment and improving the quality of life of a society. Basically it seeks to satisfy the needs of the generations that are living in a certain time space without putting at risk the subsistence or the economic possibilities of future generations.

Business economics is the way in which an organization can manage its resources and services, offering a competitive vision in front of the market. It uses several scientific disciplines that allow carrying out this work. It is a way of applying economy in the scope of a company and external values ​​such as stock market indexes, market demand and other variables must be taken into account for its proper functioning.

Natural economy as defined by the biologist MT Ghiselin, is the study of the consequences that scarcity causes in living beings. Propose an in-depth analysis of human actions and their side effects in the environment.

Political economy is the study of human behaviors, examined within a characteristic legal context. Political economy is related to the natural economy in that human actions, its political economy can affect the natural environment, positively or negatively, the interaction of living beings with the environment always modifies it.

Mixed economy is a system of commercial exchange that is not totally free, where the state is in charge of setting certain norms that allow a balanced distribution of profits among the different merchants of that economic system.

The market economy is a social system where the factors that influence are the division of employment, of goods and services and the interaction between the entities that make up a society. It is a free system of prices fixed by demand and supply. It is an absolutely free economic system, where those who intervene in the buying and selling exercise set the conditions. There is no country today where commercial freedom is absolute.

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