Question

Visit a production unit and make a project report of its production, consumption and distribution activities

Answer 1

Answer

Essential or Vital Processes of an economy mean those necessary economic activities without which an economy cannot exist or work.

The primary function of the economy is to provide goods and services for satisfying wants of the people.

The act of satisfying wants by the use of goods and services is called consumption. Production and consumption are, therefore, essential economic activities which must go on in an economy continually. But if the economy wants to maintain its existing productivity or increase its future productive capacity, it must consume less than what it currently produces. In other words, if the economy is to grow and expand, it must save something from its current production and this saving must be invested. Hence there are three essential processes of an economy, viz.,

Answer 2

Answer:

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