The Rhode Island Economy is grounded, quite literally, in a place called the State of Rhode Island. In other words, the Economy cannot be separated from the Environment, and it in fact is dependent on the Environment: where the state is in the nation and on the planet, the natural resources here, the people already living here, etc.
Providential Gardener defines "The Rhode Island Economy" as
a system for sharing and exchanging goods and services to get all the necessary WORK done so everyone in Rhode Island has an adequate living.
Economies are place based, because they depend on how particular groups of people share and exchange goods and services to get work they want to accomplish. Just substitute the state, province, region, country, planet, and consider what needs to be done so that everybody in that place has an adequate living.
See additional pages in this website:
Your Money or Your Life? -- an essay on how to define "The Economy."
The Economy: More Food for Thought
Also see WORK.