What is the difference between the terms economy and society?

Economy

• An economic system is a complex network of relationships between individuals, organizations, and government that determines how goods and services are produced, distributed, and consumed within a society.
• It encompasses the production, distribution, and consumption of goods and services within a society.
• It also includes the factors of production, such as land, labor, capital, and technology.

Society

• A society is a group of people living in a particular area who share a common culture, language, and political system.
• It is a community that is bound together by a sense of belonging and shared values.
• Society includes the institutions, norms, and customs that shape the behavior of its members.