All right, it's time to talk about how the Triumvirate economic system works. This will be very important for you if you are a business owner or politician but it's important for every citizen to understand the economic principles and system in the Triumvirate. The economy of the Triumvirate is based off of the currency called "Tri", which is backed by consumer confidence and the value of which is regulated by the government. Triumvirate members (as well as foreigners with access to the economy) purchase things within the Triumvirate using tri (represented via a nabla: "∇") and coexist in an economy with businesses, government spending entities, and other free market systems just the same as there would be in a country.
The Triumvirate economy is capitalist in nature but contains some Keynesian principles (such as minor government influence in economics). Private enterprise through businesses run the market and citizens spend, invest, and save just as you would outside of the Triumvirate. The government has maintained a fairly hands-off approach to market issues in the past. The Triumvirate endorses incredible innovation, art, and science and the economy spawns that through constructive and competitive business. Employment opportunities are abundant in the modern market as large businesses have vast potential for growth.
The use of bonds, issued by the Department of the Treasury, is how the government often raises revenue (along with small taxes on businesses). Bonds are also used to influence monetary policy in the Triumvirate and effect the value of the Tri, so the Department of the Treasury is the primary guardian of the value of the tri and in controlling inflation and interest. The Department of Commerce is on the other hand, more significantly impacting fiscal policy and influencing economic growth, business development, and investment.
Businesses are entities in the economy owned by individuals or several individuals. An IOF (Institutional Ownership of Finances) account is a business. What that means is that it's a business/group owning the money, not a single individual. For example, Joe is an individual with his own TID account but Joe's business called Happy Store is an IOF account. You'll learn how you can start your own business (only if you want to) later on in this series of guides. People buy products from and invest in businesses who offer all kinds of things such as newspapers, legal advice, advertising, and even banking.
The economy is built into various industries that all businesses can be grouped into:
- Media: Videos, images, artwork, publishing, advertisement, literature, news, and other visual works. A prime media company is General Media.
- Engineering: The Engineering industry does technical design, infrastructure planning, manufacturing, and development.
- eXchanges: The Exchanges Industry has to do with primarily financial products and services such as currency conversions, banking, and investment.
- Research: The Research Industry serves several purposes: development, study, and science. It is typically employed by other industries or the government instead of selling products directly to individuals since most of its goods or information are of little value to individuals.
- Legal: The Legal Industry performs services having to do with politics, government, and the courts. Private attorneys, legal advice, and even government lobbyists fall into this industry. It is almost entirely service based as it offers very few products. A prime legal company is First Nation Consulting.
- Security: The Security Industry deals with protection of person, information, or property. Services such as personal protection, insurance, and data-keeping compose most of the Security Industry.
- Conglomerate: A conglomerate isn't an actual industry but is the term used when a business engages in two or more industries at the same. A prime conglomerate is Corporate Corporation which falls under the eXchanges, Media and Research industries.
The economy is very fun to play around in, you can learn a lot about owning a business and handling employees that, in some ways, could be applied to real world scenarios.