Question

Explain function of economy.

Answer 1

Answer:

Economy means the purchase and consumption of good and products from market .Now economy can be both personal and national.

From personal i mean how a person runs his life and house.He earns money and needs to save it for a better future.He can invest the money in land,property,insurance,etc.The way he uses money on education and other assets also determines his growth.

From Nation economy is very important and its functioning should be well monitored.The taxes,foreign investment and reimbursement ,etc all determines a country's overall condition.

Explanation:

Answer 2

Function of economy

Explanation:

Economy is a system which facilitates the production and exchange of goods and services with the help of medium of exchange and is divided into primary, secondary and tertiary sector. it performs the following functions-

• the first and most important function of an economy is production of goods and services so the human needs and wants can be satisfied. it includes production of essential, comfort as well as luxury goods.
• secondly the economy facilitates the consumption of goods produced in the economy by making them available at right place, right time and right quantity.
• and finally the function of economy is to ensure growth by bringing improvement in the per capita income of the people.

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Function of economy.

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