World Economy

An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain.

The world is the planet Earth and all life upon it, including human civilization. In a philosophical context, the "world" is the whole of the physical Universe, or an ontological world (the "world" of an individual). In a theological context, the world is the material or the profane sphere, as opposed to the celestial, spiritual, transcendent or sacred spheres. "End of the world" scenarios refer to the end of human history, often in religious contexts.