What is an Economy?

What is an Economic System?

An Economy is the system of production, distribution and consumption. Economy can be a developed one with the efficient use of available resources. We can use our resources efficiently with the better knowledge of economy and finances.

Many of us have a misconception that economy means only Business, Stock markets, Banks and those who are involved in commercial activities. But economy includes business, sentiments, emotions and many other hidden things which you all have experienced in different ways and in different situations. One economy can be totally imbalanced from the emotions and sentiments of the people. My dear Readers an efficient and a developed economy include the following :

• Most advanced and technologically developed agriculture system
• Ethical and socially responsible business and business practices
• Required patriotism with a better Vision in the people
• Awareness of economics and finances in the people
• Well managed and principled political system
• Well ruled and followed law and order
• Speculation free capital markets
• Technologically advanced fast Banking system
• Economic education to all irrespective of the courses and degrees
• Education to develop entrepreneurial skills and abilities in youths
• More number of export oriented business houses and supporting internal production houses
• Branding self developed technologies as ‘our own’ instead of selling it to ‘foreign companies’
• Talent transfer or selling kind of activities has to be stopped
• There should be mutual respect and cooperation in the society
• Giving birth to more number of Multi National Companies

If we follow above said points, we can successfully build an "economy of effort".