The economy refers to the system of production, distribution, and consumption of goods and services within a society or geographical area. It encompasses various activities and interactions among individuals, businesses, and governments that ultimately determine the wealth and resources available to a community. Economies can be classified as traditional, command, market, or mixed, depending on how they are structured and the extent of government involvement. Key concepts within the study of the economy include supply and demand, economic growth, inflation, employment rates, and monetary and fiscal policies. The health of an economy is often measured using indicators such as gross domestic product (GDP), unemployment rates, and inflation rates. Ultimately, the economy shapes the quality of life and well-being of individuals and societies as a whole.
Latest inflation statistics reveal a slight increase in the annual headline inflation rate, now at 2.3% for November, up from 2.1% in October. This rise was largely anticipated as households…