briefly explain the 3 distinct components of Economy.
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3 distinct components of Economy are Consumption production and distribution.
1) Consumption - using of goods for satisfying human needs is called Consumption.
2) Production - increasing the utility of commodity is known as production.
3) Distribution - it means the distribution of income arising from what has been produced.
Hope it helps dear
1) Consumption - using of goods for satisfying human needs is called Consumption.
2) Production - increasing the utility of commodity is known as production.
3) Distribution - it means the distribution of income arising from what has been produced.
Hope it helps dear
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