Question

Explain The Government :An Economic Entity


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Answer 1

Answer:

The government is a very

important decision-making

economic entity in every economy.

Government refers to a group

of organisations which possess

legal and political power and

exercise some control over all

other sectors of the economy. It

includes all government bodies-

local bodies, state governments,

central government—and other

organisations belonging to the

government such as the central

bank and various regulatory

authorities controlling the

behaviour of households and firms.

Explanation:

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Answer 2

Answer:

The government is a very

important decision-making

economic entity in every economy.

Government refers to a group

of organisations which possess

legal and political power and

exercise some control over all

other sectors of the economy. It

includes all government bodies-

local bodies, state governments,

central government—and other

organisations belonging to the

government such as the central

bank and various regulatory

authorities controlling the

behaviour of households and firms.