Question

Briefly explain any three conditions which are essential for the success of
democracy demowat equal &open think
Economi
equality
alucated
in tuxation / welfare economica​

Answer 1

Answer:

Explanation:

1) 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.

2) Equality is about ensuring that every individual has an equal opportunity to make the most of their lives and talents. ... Equality recognises that historically certain groups of people with protected characteristics such as race, disability and so on

3) The definition of allocation is a process in business and accounting. An example of allocation is when a company portions out their expenses and attributes a certain amount to each division. ... Allocation is defined as the act of being portioned out for a certain reason.

Welfare economics refers to the allocation of goods and resources for promoting social welfare. It deals with an economically efficient distribution of resources for the well being of the people.

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