1. apply concept to a current economy 2. what did thailand have before the Baht got crushed during the asian crisis Solution Answer 1) An economy is a holistic study of the all factors which contributes in an area of the production, distribution, or trade, as well as consumption of goods and services by different agents. Mainly the factors of economy can be categorised as Microfactors and Macrofactors. The economy is mainly studied as Macroeconomic view. A country\'s economic conditions are influenced by numerous factors, these factors are act as indicators of economy like monetary and fiscal policy, unemployment levels, interest rate , flow of money , foriegn exchange rates, inflation and many others. The current world economy had shown a good strength after the global crisis In the year 2017, global economic growth touched 3 % , the highest growth rate from 2011. the growth is expected to be steady for the coming year as well . The improving situation of the economic gives an opportunity for all countries to focus towards long term issues and suistainable growth model such as green house effect , low carbon , reducing inequalities, and eliminating many deep- rooted barriers in the path of development. The overall global economy is giving good signle for growth and suistainable growth . Answer 2) The 2 July 1997 Thailand’s currency, the baht, crushed by economic and social crisis. One of the reasons behind this huge crisis was that the long economic boom period of the 1987-96 convinced many domestic as well as international investors that profit growth was a ‘sure thing’.Thailand’s economic success, mainly during a decade before the 1997 Asian crash, was well known. The economy was one of the most darling for economists and journalists and consider as one of the fastest growing economies across the globe.Thailand attracted huge inflows of investment from foreign countries,especially from East Asia. Such long term boom period in economy bring confidence,opportunities of huge employment ,regular decline in absolute poverty level .The driving forces were industrialisation gone through two broad phases, 1st , Import substitution industrialisation (ISI) and, 2nd, export-oriented industrialisation (EOI)..