Economy refers to the production, distribution, trade, and consumption of goods and services.

The United States of America is a Democracy

Is America a Republic or a Democracy?

The United States is both a Republic and a Democracy. Specifically, the United States is a Constitutional FederalRepublic with a strong Democratic tradition and many democratic elements especially on a local level. Despite the democratic elements and traditions, the U.S. is not however a “Direct Democracy” (where people vote on laws directly*).

Adam Smith is the Father of Modern Economics

Is Adam Smith the Father of Modern Economics?

Adam Smith can be considered the father of modern economics due to his influential works which explore the mechanics of morality, markets, and capitalism in an industrialized society.

People With More Money Save More

Do the Rich Save More?

On average, those with more money save more, in both the short-term and long-term, while those with less money spend more and extend themselves on credit.