The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources. The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources .Economic Condition can be characterized as the state of conditions that define the condition of the Economy. Often specialists comment status of the economy based on these characters that economy is doing well or doing very bad. There are large numbers of variables that are used to gauge the status of the economy but there are four important characters which are called key macroeconomic variables.
Now, you can refer the aggregate income and interest rate. However there are other numerous indicators which are also plays equally important role in commenting about Economic Condition of the State. However there are other indicators also there which plays equally important factor in determining the health of the economic Condition. Other factors which we used to define the health of the Economic Condition are GDP, retail sales, factory orders, especially for big ticket items, infrastructure growth can be named as few items which also considered while determining the state of the economy.
There are three types of economies available which are market based economy, Commons based economy and Green Economy. Market based economy is the one which is based on demand supply. Command based economy is the one where government determines which product is produced and sold. Green Economy is the one which products are produced with emphasis on less damage to environment and generally nature friendly. There is one more type of economy which is called informal economy. Though it is normally associated with the developing nations, most of the economies have this informal economy. Normally it is not monitored and governed by the government. One sub sect of the informal economy is Black Market. Though this informal economy is very troublesome to govern and monitor, it provides significant role in providing job and revenue making opportunity for the economically poor segment in developing nature and it is next to impossible to control this informal segment of the economy