Economics is the study of how people interact with each other, and with the natural environment, in producing their livelihoods.This process, which we call the capitalist revolution, has been accompanied by growing threats to our natural environment, and by unprecedented global economic inequalities.Under this new way of organizing the economy, advances in technology and specialization in products and tasks raised the amount that could be produced in a day’s work.This was associated with the emergence of a new economic system called capitalism, in which private property, markets and firms play a major role.Since the 1700s, increases in average living standards became a permanent feature of economic life in many countries.How capitalism revolutionized the way we live, and how economics attempts to understand this and other economic systems History, instability, and growth Global economy Inequality Innovation
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