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Is complete development of society possible without an economy? Can one sphere exist without another? These are the major questions that interest people nowadays. The economic life of society is versatile and it is being studied by different economic sciences. In this case, we are more interested in the ratio between the life of society as a whole and of its economic development, the influence exerted by the economy on the social life, the main manifestations of economic life, the relationship of the economy with other aspects of society.
People are starting to learn about the economy in a rather early age. They understand that there are many things that they would like to buy, but not always able to do it due to limited purchasing power. Since ancient times, society and the economy are inextricably linked to each other. Economic life, experiencing the impact of all aspects of social life (social, political, spiritual), significantly affects the various phenomena of social life and society as a whole. This conclusion is confirmed by the following provisions:
the existence of society is impossible without a constant production of material goods;
Social production and, above all developed division of labor and property relations determine the appearance and development of its social structure;
Economic relations actively influence the political life of society (economically dominant social groups, as a rule, tend to affect the operation of the state machinery, activities of political parties, and others.);
It is obvious that a change in one sphere will entail a change in the other, which means that the full scope of the existence of one sphere without the other is not possible.
Economy, according to Wikipedia, is a system, that ensures the needs of people and society by means of creating and using the required life benefits. Its main goal is maintaining human activity, creation of conditions for the extension of the human race. Production, distribution, exchange and consumption of goods and services are the main characteristics of the economic life of society.
The problem associated with satisfaction of numerous and constantly growing human needs existed always. However, without the knowledge of economics this problem could not be resolved due to limited resources. This justifies the development of the economy through intensive way, implying a rational and efficient use of resources. According to this approach, a person must process the available resources, so that to achieve maximum results at the lowest cost.
The main issues of the economy - what, how and for whom to produce. Different economic systems solve them in different ways. Depending on this, they are divided into four main types: traditional, centralized (administrative-command), mixed and market.
The level of welfare of the state, largely depends on the perfection of economic mechanisms, i.e. the methods and forms of the compound human efforts in solving the problems of livelihood. These economic instruments are already familiar to us from the course of history and social division of labor, specialization and trade. They create the conditions for achieving high employee productivity and enable manufacturers to share the results of work on a mutually beneficial basis. Meaning of the operation of economic mechanisms to ensure the welfare of the people can be understood, if you compare the standard of living of society based on subsistence farming (the tribes of Africa, Latin America) and commodity economy (developed countries of the West).
Selected aspects evidently show that the role of the economy in society is very high. Moving forward, the economy develops separate spheres of society, as well as society as a whole. Knowledge, understanding of the economy allows people to make their economic choices consciously. Bringing balance to the economic and social spheres will help to avoid conflicts in the society. Thus, we can say that the role of the economy in a person's life is the basic foundation of life of all mankind.