Question

State four salient features of an economy.

Answer 1

ANSWER IS IN THE IMAGE

Answer 2

Salient features of an economy include:

1. Government involvement. In modern economies, the government is highly involved in regulation, controlling and monitoring of the economy.

2. High levels of specialization and division of labor. Modern economies have different sectors with experts in different aspects of the activities in the sector. Leading to increased levels of working together and interdependence.

3. Increasing use of technology. Modern economies no longer rely on manual labor and are relying more on machines for production.

4. The use of money as legal tender for the exchange of goods and services.