Question

Define Economy ??????​

Answer 1

Answer:

ᴀɴ ᴇᴄᴏɴᴏᴍʏ ɪs ᴛʜᴇ ʟᴀʀɢᴇ sᴇᴛ ᴏғ ɪɴᴛᴇʀ-ʀᴇʟᴀᴛᴇᴅ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴀɴᴅ ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ ᴀᴄᴛɪᴠɪᴛɪᴇs ᴛʜᴀᴛ ᴀɪᴅ ɪɴ ᴅᴇᴛᴇʀᴍɪɴɪɴɢ ʜᴏᴡ sᴄᴀʀᴄᴇ ʀᴇsᴏᴜʀᴄᴇs ᴀʀᴇ ᴀʟʟᴏᴄᴀᴛᴇᴅ. ɪɴ ᴀɴ ᴇᴄᴏɴᴏᴍʏ, ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴀɴᴅ ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ ᴏғ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴀʀᴇ ᴜsᴇᴅ ᴛᴏ ғᴜʟғɪʟʟ ᴛʜᴇ ɴᴇᴇᴅs ᴏғ ᴛʜᴏsᴇ ʟɪᴠɪɴɢ ᴀɴᴅ ᴏᴘᴇʀᴀᴛɪɴɢ ᴡɪᴛʜɪɴ ɪᴛ.

Answer 2

Answer:

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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.