What is economy? I usually talk about this term all the time, can you explain it in layman's terms? Thank you very much!

1. Economy is the production or life savings, thrift, the former includes saving money, material materials and labor, ultimately is the savings of labor time, that is, as little as possible labor consumption to produce as much as possible the results of social needs. The latter refers to individuals or families being careful in their consumption of life, using less consumption of consumer goods to satisfy the greatest needs. In short, economy is the use of less human, material, financial, time and space to obtain greater results or benefits;

2. Economy is the state of income and expenditure of the state or enterprises or individuals, such as gross national product, total social output, production and efficiency of enterprises, personal income and expenditure;

3. Economy is the synthesis and simplification. (e.g., "Knowledge Bureau Economy" (Jin Shu Ji Zhan), "all have the economic way but the position does not meet" (Sui Wang Tong, "Wen Wen Zi Zhong Zi" Volume VI). Its meaning includes how the state manages money, how to manage all kinds of economic activities, how to deal with political, legal, military, educational and other aspects of the problem, that is, the meaning of governing the country, save the common people;

4. Economy is the management of the family (see [Ancient Greek] Xenophanes: Economic Theory);

5. Economy is the art of earning a living, is the acquisition of goods with value of use which are necessary for life and useful to the family and the state. the state (see [Ancient Greek] Aristotle: Politics).

The first and second explanations reflect the customary use of the term in daily life; the third explanation is the ancient use of the term economy in China; and the fourth and fifth explanations are the use of the term economy in ancient Greece.