Question

What are basic economics activites of an economy ? What impact do they have on one another

Answer 1

Answer:

Production, consumption and capital formation are called the basic economic activities of an economy. Scarce resources are used in the production of goods and services with the objective of satisfying our needs and wants.

The importance in economic activity. Currency means that a person can sell something without having to receive a specific good in exchange. Currency and payment systems allow people to travel to distant places for long periods and enable companies to do business with other companies operating in faraway locations.

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