Question

15. What is the role and significance of goods and services in an
ervices in an economy?​

Answer 1

Explanation:

Explanation: In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it. Market-based economies tend to allow goods to flow freely through the market, according to supply and demand

Answer 2

Goods and services constitute the basic lifeline in any economy as they form the basis of the exchange economy.Without goods and services there will be no exchange in the economy and it will collapse.

Explanation:

Goods and services form the fundamental platform of any economy irrespective of the type of economy.It is the basis for consumption and production in the economy as these two activities are cardinal for economic operation in any country.Without goods and services,there would be no consumption and production and all the businesses and firms will collapse as there would be no demand for goods and services.Hence,goods and services can induce consumer demand which necessitates production and hence,the businesses and companies thrive.