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 processes that determine how resources are allocated, how wealth is generated, and how individuals and businesses interact in the marketplace. An economy can be classified as traditional, command, market, or mixed, based on how decisions are made regarding resource allocation. Key indicators of economic performance include gross domestic product (GDP), unemployment rates, inflation, and trade balances. The health of an economy significantly impacts the quality of life for its citizens, influencing factors such as employment, income levels, and access to goods and services. Economies can be local, national, or global in scale, and they are influenced by various factors including government policies, market dynamics, and external trade relations. The study of economies involves disciplines such as economics, finance, and business, focusing on understanding how economic agents behave and how economic systems function.
**Challenging Times for First-Time Buyers** Nationwide has recently introduced its flagship mortgage product, the Helping Hand mortgage, aimed at assisting potential homeowners who feel they cannot secure financing for their…