• Download the Constitution of Pakistan
  • Advertise
Wednesday, August 13, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Economy

Economy – The Backbone of every Country

by Web Desk
July 16, 2020
in Economy
Reading Time: 2 mins read
0
Share on FacebookShare on TwitterLinkedinWhatsapp

The economy is a social space that emphasizes the practices, talks, and material expression related to the production, use, and management of resources. It includes all activity related to production, consumption, and trade of goods and services in an area, state or country. It applies to everyone from an ordinary man to companies and governments. The economy of a particular region or country is governed by its culture, laws, history, and geography, among other factors, and it evolves due to necessity.

It helps to seek and solve the problem of scarcity (in state of shortage), which is when the need for goods exceeds the available supply. In other words, the economic domain is a social domain of human practices and their affairs. It is an arrangement of associations and organizations that either facilitate or plays a role in the production and distribution of products in society. However, Economy decide how assets will be divided among the members of society. Moreover, they decide the estimation of products and its service; and figure out what sorts of thing can be exchanged or traded for those goods.

Economy

It is how a society structures its financial framework is to a great extent. The political and legal structure of society will administer how wealth can be collected, how assets are distributed, and the way of competition allowed between various members in the economy. The goal of economic development is to improve the well-being of everyone, regardless of race, background or class.

There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses. Building up economies requires strategies that benefit the entire population, and not just a single segment, company or organization. At its core, this is what economic development is all about, whether it’s part of the government, private business or anywhere in between. 

Web Desk

Web Desk

Related Posts

Moody's

Moody’s Upgrades Pakistan’s Credit Rating to Stable

by Anum Arif
August 13, 2025
0

Moody’s has upgraded Pakistan’s credit rating from Caa2 to Caa1, shifting the outlook from positive to stable, citing notable improvements...

IMF PAK

Pakistan Awaits IMF Review, Eyes $1B Tranche in September

by Anum Arif
August 13, 2025
0

Finance Minister Muhammad Aurangzeb announced on Tuesday that an International Monetary Fund (IMF) delegation will arrive in Pakistan at the...

Pak and US trade

Pakistan Secures Major US Investment Promise

by Anum Arif
August 12, 2025
0

ISLAMABAD – Federal Minister for Finance Muhammad Aurangzeb has hinted at substantial US investments in Pakistan’s key economic sectors following...

PSX

PSX Maintains Bullish Run Above 146,000 Mark

by Anum Arif
August 8, 2025
0

KARACHI – The Pakistan Stock Exchange (PSX) ended the week on a positive note, with the benchmark KSE-100 Index surging...

FBR

FBR Hikes Non-Filer Withdrawal, Property Transaction Taxes

by Anum Arif
August 8, 2025
0

The Federal Board of Revenue (FBR) has announced an increase in tax rates on cash withdrawals by non-filers and made...

Pak receives remittance

Pakistan Gets $3.2bn Remittances in July 2025

by Anum Arif
August 8, 2025
0

Pakistan recorded $3.2 billion in overseas workers’ remittances in July 2025, according to the State Bank of Pakistan (SBP). This...

Next Post

Apple iPhone 11 Pro - A Review & Price

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters