Question

$\huge {\color {red} {What \:is \: economy?}}$​

Answer 1

Answer:

An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents.

Answer 2

Answer:

An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.

Step-by-step explanation:

A prominent example of an economy is the traditional economy that encompasses the customs and history of a nation to guide production and distribution of goods. Traditional economies are mostly based on agriculture, fishing, and hunting.