Question

2. "Economy is a system of mutual exchange." Explain.
3. Classify the various economic entities of an economy.
4. Who are consumers? Discuss their importance in an economic activity
5. Discuss the importance of producers as an economic entity
6. Descnbe the role of government in an economy
7. What do you understand by households? Describe briefly their role in an economy.
8. How do households and firms interact with each other in a modern economy?
9.Classify the following into primary secondary and tertiary producers (1) Farmer (1) Moneylender (1) Basket weaver (iv) Indian Railways (V) Air India (V) Miller​

Answer 1

Answer:

2. we give trees water they give us wood, fruits and vegetables. we give carbon dioxide they give oxygen like this our economy is a system of mutual exchange.

3. households, firms and the government