What does economy mean in social studies?

In social studies, the term "economy" refers to the system or structure that governs the production, distribution, and consumption of goods and services within a society or a region. It encompasses the study of how resources are allocated, how businesses and individuals interact within the marketplace, and how economic policies and systems impact the well-being and standard of living of a population. The field of economics within social studies examines various aspects of the economy, such as supply and demand, market structures, trade, economic growth, inflation, unemployment, and government policies aimed at regulating or influencing economic activities. Understanding the economy is essential for comprehending how societies create and allocate wealth and resources.