Question

3) Write the functions of the economy in details?
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Answer 1

Answer:

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Answer 2

The answer to your question is:-

1. The three most important functions of economics are as follows: Just as feeding, digestion and growth are the vital processes of living beings; similarly production, consumption and growth are the essentials of economies.

2. The basic function of every economic system is to provide solution to the fundamental problems faced by every community. (i) To distribute the products of agriculture and industry among members of the community (i.e., distribution among the few rich or among many poor).

3. What to produce, how much to produce, how to produce, and to whom to distribute.

4. An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.

Hope it helps :)