Question

What do u mean by economy?​

Answer 1

$\huge \underline\blue{ᴀɴsᴡᴇʀ:}$

ᴀɴ ᴇᴄᴏɴᴏᴍʏ ɪs ᴛʜᴇ ʟᴀʀɢᴇ sᴇᴛ ᴏғ ɪɴᴛᴇʀ-ʀᴇʟᴀᴛᴇᴅ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ, ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ, ᴀɴᴅ ᴇxᴄʜᴀɴɢᴇ ᴀᴄᴛɪᴠɪᴛɪᴇs ᴛʜᴀᴛ ᴀɪᴅ ɪɴ ᴅᴇᴛᴇʀᴍɪɴɪɴɢ ʜᴏᴡ sᴄᴀʀᴄᴇ ʀᴇsᴏᴜʀᴄᴇs ᴀʀᴇ ᴀʟʟᴏᴄᴀᴛᴇᴅ. ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ, ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ, ᴀɴᴅ ᴅɪsᴛʀɪʙᴜᴛɪᴏɴ ᴏғ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴀʀᴇ ᴜsᴇᴅ ᴛᴏ ғᴜʟғɪʟʟ ᴛʜᴇ ɴᴇᴇᴅs ᴏғ ᴛʜᴏsᴇ ʟɪᴠɪɴɢ ᴀɴᴅ ᴏᴘᴇʀᴀᴛɪɴɢ ᴡɪᴛʜɪɴ ᴛʜᴇ ᴇᴄᴏɴᴏᴍʏ, ᴡʜɪᴄʜ ɪs ᴀʟsᴏ ʀᴇғᴇʀʀᴇᴅ ᴛᴏ ᴀs ᴀɴ ᴇᴄᴏɴᴏᴍɪᴄ sʏsᴛᴇᴍ.

Answer 2

AnSwEr:

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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.

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Economics can be defined in a few different ways. It's the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it's not all about money.

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The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same.

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