Economy

An economy (Greek οίκος-household and νέμoμαι - manage) is an area of the production, distribution or trade, and consumption of goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments. Transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.

Economic activity is spurred by production which uses natural resources, labor, and capital. It has changed over time due to technology (automation, accelerator of process, reduction of cost functions), innovation (new products, services, processes, new markets, expands markets, diversification of markets, niche markets, increases revenue functions) such as that which produces intellectual property and changes in industrial relations (child labor being replaced with universal access to education).

A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

Economics

Economics is the social science that describes the factors that determine the production, distribution and consumption of goods and services.

The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") and νόμος (nomos, "custom" or "law"), hence "rules of the house (hold for good management)". 'Political economy' was the earlier name for the subject, but economists in the late 19th century suggested "economics" as a shorter term for "economic science" to establish itself as a separate discipline outside of political science and other social sciences.

Economics focuses on the behavior and interactions of economic agents and how economies work. Consistent with this focus, primary textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labor, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies).

Europe

Europe (ⁱ/ˈjʊərəp/ or /ˈjɜːrəp/) is a continent that comprises the westernmost part of Eurasia. Europe is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, and the Mediterranean Sea to the south. To the east and southeast, Europe is generally considered as separated from Asia by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways of the Turkish Straits. Yet the borders of Europe—a concept dating back to classical antiquity—are arbitrary, as the primarily physiographic term "continent" also incorporates cultural and political elements.

Europe is the world's second-smallest continent by surface area, covering about 10,180,000 square kilometres (3,930,000 sq mi) or 2% of the Earth's surface and about 6.8% of its land area. Of Europe's approximately 50 countries, Russia is by far the largest by both area and population, taking up 40% of the continent (although the country has territory in both Europe and Asia), while Vatican City is the smallest. Europe is the third-most populous continent after Asia and Africa, with a population of 739–743 million or about 11% of the world's population. Europe has a climate heavily affected by warm Atlantic currents, tempering winters and enabling warm summers on most of the continent, even on latitudes that have severe climates in North America and Asia. Further from the Atlantic, seasonal differences increase, but the mildness of the climate remains.

The Real

The Real refers to that which is authentic, the unchangeable truth in reference both to being/the Self and the external dimension of experience, also referred to as the infinite and absolute—as opposed to a reality based on sense perception and the material order.

In psychoanalysis

Lacan

For Jacques Lacan, the order of the real is not only opposed to the imaginary but is also located beyond the symbolic. Unlike the symbolic, which is constituted in terms of oppositions such as "presence" and "absence", there is no absence in the real. The symbolic opposition between "presence" and "absence" implies the possibility that something may be missing from the symbolic, the real is "always in its place: it carries it glued to its heel, ignorant of what might exile it from there." If the symbolic is a set of differentiated signifiers, the real is in itself undifferentiated: "it is without fissure." The symbolic introduces "a cut in the real," in the process of signification: "it is the world of words that creates the world of things." Thus the real emerges as that which is outside language: "it is that which resists symbolization absolutely." The real is impossible because it is impossible to imagine, impossible to integrate into the symbolic order. This character of impossibility and resistance to symbolization lends the real its traumatic quality.