Economics

The economy is: The production, exchange and consumption of socially valued items, both concrete and conceptual. And the social incentives and disincentives that govern these exchanges. This includes but is not limited to; currency, tangible items, services, food, water, housing, ideas, healthcare, real property, stocks, leases, promises of future services, favors, etc.

Next a list of things that might motivate an individual to participate in this exchange:

Basic survival need, perceived social need, pursuit of material reward, fear of punishment, pursuit of non-material reward, religious beliefs, pursuit of friendships or sexual partners.    

Next a list of the four basic economic systems.

1. Traditional Economic System.

2. The Command Economic System.

3. The Market Economic System.

4. The Mixed Economic System.