What is the economic history of the world?

The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (adjusted to 2013 dollars), and did not rise much until the Industrial Revolution. [citation needed]

What is a global economy?

The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.

What does economics mean?

Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Economics was formerly a hobby of gentlemen of leisure, but today there is hardly a government, international agency, or large commercial bank that does not have its own staff of economists.