An economy is a system of production and consumption. This system includes the making of goods and services. This system includes the use of goods and services. This system includes the exchange of goods and services within an area.

Participants engage in the economy. Individuals are participants. Businesses are participants. Governments are participants. They use markets to distribute resources.

The economy has a primary goal. The goal is to meet the needs of people. It meets these needs by managing resources. These resources include labor. These resources include capital. These resources include land.