What does the economy of a community include?

The economy of a community is primarily concerned with the financial aspects and the means through which residents earn their livelihoods. This includes the income levels of individuals and the types of occupations they are engaged in. Understanding the income levels helps to gauge the economic strength and buying power of residents, while knowledge of the various occupations provides insight into the job market and the skills present in the community. These economic factors play a critical role in shaping the overall quality of life, infrastructure development, and the ability of a community to thrive.

In contrast, customs and traditions, historical backgrounds, and social networks, while important for cultural and social contexts, do not directly relate to the financial and occupational aspects that define a community's economy. These elements contribute to the identity and cohesion of a community, but the economic condition is primarily influenced by the income and employment opportunities available to its residents.