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What is Economy

Handbook of Research on Cyber Approaches to Public Administration and Social Policy
Careful management of available resources.
Published in Chapter:
In Azerbaijan: An Examination of the Relationship Between Human Capital Development and Macroeconomic Indicators
Latif Zeynalli (Azerbaijan State Oil and Industry University, Azerbaijan) and Murteza Hasanoglu (The Academy of Public Administration Under the President of the Republic of Azerbaijan, Azerbaijan)
DOI: 10.4018/978-1-6684-3380-5.ch007
Abstract
A human being is a being capable of thinking, deciding, and intending. It is irrefutable that a state's true asset is its people, and development's primary purpose is to create an environment in which the population can live a long, healthy, and creative life. Increased investment in human capital will eventually lead to the country's continued development. It is important to remember that in a creative economy, there is a tremendous demand for the intellectual and technological potential that rules this system and the existence of economic resources that provide a powerful source of funding. Human capital is a fundamental value in modern society and has a critical role in the country's economic prosperity as a whole and individual businesses. The study's primary goal is to identify the relationship between Azerbaijan's human capital development and macroeconomic indicators in this regard.
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It is the fact of appropriating the resources necessary to achieve the objectives at a lower cost.
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Production, distribution, and consumption of goods and services by agents, at times involving intermediaries for exchange known as money.
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It is the ability of people to live best with the values ??they have. Income, expenditure and savings are the most determining factors in economy. If macroeconomic balances such as unemployment, inflation and income are disturbed, microeconomic balances will also deteriorate, and social, cultural problems are inevitable for people when this balance cannot be achieved.
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Financial and Societal aspects related to the production, distribution or trade, and consumption of goods and services (including ICT, Energy).
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