Economic agency

Economic agency refers to the capacity of individuals or groups to make decisions that influence their economic circumstances. It involves the ability to choose how to allocate resources, participate in markets, and pursue financial goals based on available options, information, and personal preferences. Essentially, it is about exercising control over one's economic life, including working, saving, spending, and investing. This concept recognizes that people's economic actions are influenced by various factors like social context, access to resources, and institutional environments, shaping their opportunities and outcomes in the economy.