Summary: Economy is how people use the environment to meet their material needs. A given economy is the end result of its process, including not only technological evolution, history and social organization, but also its geography, natural resource donation, and ecology.
The ancient economy was mainly based on self-sufficiency. For most people, the exchange of goods was made through social relationships. There were also merchants trading in the market.In the Middle Ages what we now call the economy is not far from living standards.The first real economist was Scottish Adam Smith. He defined the elements of the national economy.The basic motivation for free trade was human selfishness. In Europe, capitalism began to replace the mercantilist regime and led to economic growth.
Interesting point: I studied about Adam Smith's 'Invisible Hand' by choosing an economics course in high school. The main focus of this topic was Adam Smith's theory, and what he said about human selfishness.
Discussion: Because of the Industrial Revolution, I feel that resources are plentiful, but the quality of life is not satisfactory. It is a question of whether the quality of life or the economy should come first.
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