“Economy” in the broadest sense is the teaching, practice and institution of targeted and systematic action to satisfy human needs under the conditions of scarcity.

“Economy” is the teaching, practice and institution of targeted and systematic action on the basis of coordinated cooperation to satisfy human needs under the condition of scarcity.

“Economy” in the functional sense can be defined as the entirety of the activities and facilities of a deliberate and systematic approach to satisfy human needs under the condition of scarcity.