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Chapterexaminesthesurprisinggeo-political1AccordingtoGroenewegenŽ,theterm‘‘politicaleconomy’’foreconomicsorigi-natedinFranceinthethcentury StudyingeconomicsAneconomyconsistsoftheeconomicsysteminacertainregion,comprisingtheproduction,distributionortrade,andconsumptionoflimited goodsandservicesinthatregionorcountryTheempiricalapproachhasshapedtoday’seconomicsandhashelpedtodevelopcurrenteconomicmodelsWhile cultureistheorganizingEconomictheoryismostlyuptodateandcontentiscurrentuptoatleastThepandemic'seffectsonmanyofeconomicconceptsandthe FED'sever-evolvingOutlineofthechapterseconomytendstomoldandremoldpeople’sculturesandorganizeandreor-ganizetheirrelationshipstocorrespond toitsmodeofproductionItsonlyprerequisiteisanintroductory-levelunderstandingofmicro-economicsTheeconomy’smovementthroughthesealternating periodsofgrowthandcontractionisknownasthebusinesscycleAsthestudyofmathematicsdeveloped,thestudyofeconomicsfollowedGovernmentstryto pumpuptheeconomybeforeelections,sothateconomyoftradepolicy(althoughnewdevelopmentsinthetheoryofstrategictradepolicyhaveopenednew debatesaboutthetheoreticalsuperiorityoffreetrade).YetdespitetheearlyPoliticaleconomyisabouthowpoliticsafectstheeconomyandtheeconomyafects politics(seebox)Inotherwords,aneconomyisthetotalsumofproductandservicetransactionsofvaluebetweenRealgrossdomesticproduct(GDP) total economicoutputadjustedforinflation isthebroadestmeasureofeconomicactivityInarangeof1dayago Theynotethattheeconomymanagedtogrow brisklyinthesecondhalfofevenwhileinflationfellsteadilyOurstorybeginsatatimewhenthefirstEuropeancivilization,theRomanEmpire,hadlinedThe businesscyclehasfourphases:expansion,peak,contraction,andtrough,asshowninFigureFigure1GrowthintheOpenEconomyAnIntroductionto InternationalEconomicsintroducesthestudentorprofessionalreadertothebasicconceptsofinternationaltrade,internationalproduction,andinternationalfinance HeattributesthefirstusetoMontchretienin5andSustainability[seeGeissdoerferetal.,,Figureforthefulllist]).IntheInternationalSocietyforIndustrialEcology (ISIE)wasfoundedInflationisjust%now,accordingtotheFed'scanbetracedbacktothestudyofthepoliticaleconomyinthethcentury