Question

How do production and exchange play a very important role in our daily life?

Answer 1

How does production and exchange play a very important role in our daily life Ans:We have numerous wants.To satisfy these wants we require goods and services.Goods are produced by agriculture and industry.We require many services also.These goods and services are to be distributed among consumers.The activities which .

Answer 2

Explanation:

exchange is the connecting link between production and consumption the goods produced at a place have to reach consumers at different places during the course of production the producers take into consideration ,the market study ,transportation, storage of goods, determination of price, advertisement, etc. all these aspects are included in the process of exchange today we have money as a medium of exchange and through money exchange of goods and service is taken place the exchange the system has become the foundation for business .