The Economy is the sum total of all exchange of Labour within a given sphere of reference (ref. rsgmoney). According to Michael Sharp "economies emerge out of human interaction and are designed to fulfill human needs" (Sharp, 2009).
Labour may be exchanged in multiple ways. Labour may be exchanged through barter or through the exchange of money (i.e. abstracted labour). Modern Capitalism is founded on the formal and highly manipulated exchange of money (Sharp, 2009). An economy founded primarily on the exchange of money can be said to be monetized.
Sosteric, Mike (RSGME). The Rocket Scientists' Guide to Money and the Economy. Lightning Path Press. More Info