Economy of any country refers to the economic system of the country or area and includes resources like labor, capital and production, consumption of goods, distribution and land resources. The economic development of any place is the end result of the process that involves technological advancements, social organization, geographical and natural resources and ecology as main factors.

If world economy is viewed, there has been a dynamic increase in the economy as a whole, but if compared in context to the level of population increase, there seems a lot to be still done. Per capita income is not the only factor to be considered to chalk out the economic development. The life expectancy on an average has increased, there are better medical and health facilities and consumption of consumer and other fast moving goods has increased on an average showing that the people have more money in their hands. However economic development is a parameter that has to be viewed for each area separately. If you’re worried about the economy, look for some insurance.