The economy refers to the system of production and exchange which provides for the material needs of individuals living in a given society. It encompasses all activities related to the creation, distribution, and consumption of goods and services. The economy is a fundamental aspect of social life, as it shapes how people earn a living, access resources, and interact with one another in the process of fulfilling their material needs and wants. The structure and functioning of the economy are influenced by a complex interplay of social, cultural, political, and technological factors. Sociologists study the economy to understand its impact on social inequality, social mobility, work, and other aspects of social life. Different types of economies, such as agrarian, industrial, and post-industrial economies, have distinct characteristics and social consequences.