Question

Explain how ‘Economy is a system of livelihood’?

Answer 1

Answer:

The economy of Germany is a highly developed social market economy.[18] It has the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP (PPP). In 2017, the country accounted for 28% of the euro area economy according to the IMF.[19] Germany is a founding member of the European Union and the Eurozone.

Germany is rich in timber, lignite, potash and salt. Some minor sources of natural gas are being exploited in the state of Lower Saxony. Until reunification, the German Democratic Republic mined for uranium in the Ore Mountains (see also: SAG/SDAG Wismut). Energy in Germany is sourced predominantly by fossil fuels (50%), followed by nuclear power second, then gas, wind, biomass (wood and biofuels), hydro and solar. Germany is the first major industrialized nation to commit to the renewable energy transition called Energiewende. Germany is the leading producer of wind turbines in the world.[32] Renewables now produce over 27% of electricity consumed in Germany.[33]