The document discusses the definitions and impacts of economy and polity. An economy consists of the production, distribution, trade, and consumption of limited goods and services by different agents like individuals, businesses, organizations, and governments within a geographical location. A polity refers to the government or civil administration of a state, province, city, country, district or municipality within a geographic area. Positive impacts of education include reducing poverty, enhancing economic competitiveness, developing human resources, and strengthening democracy. Negative impacts include wastage of resources, untrained labor, outdated technology, inconsistent economy, and corruption within the educational system.

2. ECONOMY
 An economy or economic system
consists of the production,
distribution, or trade and
consumption of limited goods &
services by different agents in a given
geographical location.
 The economic agents can be
individuals, businesses,
organisations& governments.
POLITY
 Polity derives from AngloSaxan
political science & often used to refer
to policy/politics.
 A Polity is a state or one of its
subordinate civil authorities viz: a
province, city, country, district or
municipality.
 It is generally to mean a geographic
area with a corresponding
government.

4. • Reducing poverty and promotes social justice.
• Produces skilled and trained labour.
• Enhances the competitive power of countries in the global market.
• Develops human resources.
• Leads to sustainable and economical use of resources.
• Results in social mobility.

5. • Strengthens the democracy of a country.
• Brings transparency in governance.
• Creates participation of all as makes people aware.
• Removes corruption.
• Proper use of political power.
• Develops a quality of leadership.

6. ECONOMY
• Wastage of scarce resources.
• Untrained labour.
• Use of outdated technology in
production.
• Inconsistent economy.
• Lack of research and
development.
POLITY
• Large corruption in education
system.
• Misuse of governmental power.
• Widens the social gap.
• Lack of a set exemplified leaders.
• Political parties use education as
politics.