What are the three essential processes of economy?
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Answer:
(a) Production.
(b) Consumption.
(c) Investment
Explanation:
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The three essential processes of the economy are Investment, Production, and Consumption.
- Production – How to use the available resources to the best of their abilities to produce high-quality goods and services?
- Consumption – The process of fulfilling wants and desires by consuming goods and services is called consumption
- Investment – The third process of investment says that not everything that is produced should be consumed. We should save to invest for future!
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