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An economy refers to the system by which goods and services are produced, distributed, and consumed within a society. It encompasses the interactions between individuals, businesses, and governments, along with the resources available, such as labor, capital, and Natural Resources. Economies can be classified as traditional, command, market, or mixed, depending on how decisions are made and resources are allocated. Overall, the functioning of an economy affects the standard of living and the well-being of its participants.
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