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Sociology  /  Soc 1524  ·  Atom · ~20 seconds

Economy, Defined

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Economy is the social institution through which a society's resources — its goods and services — are exchanged and managed.

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Sumerian clay tablets recording transactions and debts are among the earliest writing, developed to track an economy already in motion.

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Economy names a social institution studied sociologically, not merely the numerical output tracked in financial reporting.