In order to get a good definition, let's first look at the dictionaries.
- "Activities related to the production and distribution of goods and services in a particular geographic region. The correct and effective use of available resources." In http://www.investorwords.com/1652/economy.html<
- "Economics is the social science that analyzes the production, distribution, and consumption of goods and services." In http://en.wikipedia.org/wiki/Economics<
- "Careful, thrifty management of resources, such as money, materials, or labor: learned to practice economy in making out the household budget. An example or result of such management; a saving. The system or range of economic activity in a country, region, or community: Effects of inflation were felt at every level of the economy. A specific type of economic system: an industrial economy; a planned economy. An orderly, functional arrangement of parts; an organized system: "the sense that there is a moral economy in the world, that good is rewarded and evil is punished" (George F. Will). Efficient, sparing, or conservative use: wrote with an economy of language. The least expensive class of accommodations, especially on an airplane." In http://www.thefreedictionary.com/economy<
- "The management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy. Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy. The system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy. Thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony." In http://www.brainyquote.com/words/ec/economy<
- "An entire network of producers, distributors, and consumers of goods and services in a local, regional, or national community." In http://www.businessdictionary.com/definition/economy.html<
- "The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems." In http://www.answers.com/topic/economics<
- "A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. Economics can generally be broken down into: macroeconomics, which concentrates on the behavior of the aggregate economy; and microeconomics, which focuses on individual consumers." In http://www.investopedia.com/terms/e/economics.asp<
- "The science that deals with the production, distribution, and consumption of wealth, and with the various related problems of labor, finance, taxation, etc." In http://www.yourdictionary.com/economics<
Some of these edictionairies define the word "Economics", others "Economy". For me, I will use the word "Economy" and my definition is:
The economy is the science that studies the production, the distribution and the consumption of the goods and services.