Short answers, pulled from the story.
The word economy in English derives from Middle French and Medieval Latin, which traces back to Ancient Greek words meaning house and to manage. This linguistic combination originally described how a household was run rather than how nations were governed.
The most frequently used current sense denoting the economic system of a country or an area did not develop until the 1650s. Dictionary.com confirms this timeline for the modern definition's emergence before that period the term remained tied to domestic management practices within private homes.
Adam Smith (1723, 1790) stands as the first economist in the true modern meaning of the word while Friedrich August von Hayek (1899, 1992) and Milton Friedman (1912, 2006) pleaded for global free trade as fathers of neoliberalism. John Maynard Keynes (1883, 1946) argued instead for stronger state control of markets through manipulation of aggregate demand.
Real economy denotes actual production of goods and services contrasted with paper economy or financial side concerned with buying selling markets. Volume of financial transactions in 2008 global economy was 73.5 times higher than nominal world GDP compared to 15.3 ratio in 1990.
A market economy produces goods according to demand and supply between participants using barter or currency with credit debit value accepted within networks. Planned economies involve political agents directly controlling what is produced how it is sold and distributed.