Inventories would accumulate, and firms would tend to lower prices. If total planned production exceeded total planned real expenditures
The economy is the field of production, distribution, trade, and consumption of goods and services. Generally, it is defined as a social area that emphasizes practices, discourse, and material expressions related to the production, use, and management of scarce resources.
A given economy is a series of processes that include its culture, values, education, technological development, history, social organization, political structure, legal system, and natural resources as key factors. These factors provide context, and content, and set the conditions and parameters for the economy to work.
In other words, the realm of the economy is the realm of non-independent, interrelated human practices, and trading societies. An economic agent can be an individual, a company, an organization, or a government.
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