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An economy is a system of inter-related production and consumption activities that determines the resources allocation within a society. The production and consumption of goods and services as a whole, fulfill the human needs & wants.
What to produce, how to produce, how much to produce and for whom to produce depends on the income of the people in the society. Therefore, different types of economies have arisen in different countries.

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Adam Smith was a Scottish economist and a philosopher who pioneered in political economy and Scottish Enlightenment. He is well known as the 'Father of Economics' as well as the 'Father of Capitalism'.
He is also known for writing 'Wealth of Nations' book which was the first modern work that treated Economics as a comprehensive and academic discipline that contained the Wealth definition of Economics.

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Michael E. Porter is an American academic and a university professor at Harvard Business School who has done great contribution to the evolution of management theories. He is recognized as the father of Modern strategy field because of his intellect and influential thinking.
He has contributed to many theories such as Diamond model, Five forces model, Generic competitive strategies & Value chain analysis.

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