Giving\xa0priority to service instead of economic self-interest’ is the characteristic of political economyPolitical economy\xa0is a term used for studying\xa0production\xa0and\xa0trade, and their relations with law,\xa0custom, and government, as well as with the\xa0distribution\xa0of\xa0national income\xa0and\xa0wealth.\xa0Political economy\xa0originated in\xa0moral philosophy. It was developed in the 18th century as the study of the economies of states, or\xa0polities, hence the term\xa0political\xa0economy.