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An Economy Or Economic System

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An economy or economic system consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments. Transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.
In the past, economic activity was theorized to be bounded by natural resources, labor, and capital. This view ignores the value of technology, and innovation, especially that which produces intellectual property.
A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. The largest national economies by continent are: the United States in the Americas, Germany in Europe, Nigeria in Africa, China in Asia and Australia in Oceania.
A market-based economy is where goods and services are produced without obstruction or interference, and exchanged according to demand and supply between participants by barter or a medium of exchange with a credit or debit value accepted within the network, such as a unit of currency and at some free market or market clearing
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