The economy refers to the system through which goods and services are produced, distributed, and consumed within a society. It encompasses all activities related to the production of wealth, including the interactions between individuals, businesses, and governments in markets. The economy is typically analyzed in terms of various indicators such as gross domestic product (GDP), unemployment rates, and inflation, which provide insights into its health and performance. Economies can be classified as traditional, command, market, or mixed, depending on how resources are allocated and decisions are made regarding production and consumption. The study of economics examines how scarcity and choice influence the allocation of resources, the behavior of individuals and institutions, and the overall dynamics of economic systems.
Donald Trump's new tariffs have sparked global tensions, affecting allies and adversaries from Canada to China. Canadian Prime Minister Justin Trudeau opposes these tariffs, arguing they harm international relationships and…