What is an economy:
The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
How does it work:
The three principles that describe how the economy as a whole works are: (1) a country's standard of living depends on its ability to produce goods and services; (2) prices rise when the government prints too much money; and (3) society faces a short-run tradeoff between inflation and unemployment.
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