An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments. Transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.
Economic activity is spurred by production which uses natural resources, labor, and capital. It has changed over time due to technology, innovation such as that which produces intellectual property and changes in industrial relations. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic.