what do you mean by economy ?
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Answer:
An economy refers to agents who are different using or consuming various services and goods.
It can also be defined as an area that deals with the distribution, production and trading , like export, import.
Transaction occuring between two parties involves the economic state and is dealt with currency to give a value or price to certain things.
Capital, natural resources and labours account for a huge domain in economic state.
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Economy is the vast concept of supply of money and sale of goods and services in a country.
Explanation:
- An economy is solely responsible for all the trade, supply, and money flow which happens in the state. It is applicable to each and every individual living in the economy and it even applies to corporations and entities.
- The economy of regions is governed by their law structure and their financial stability on matters of income and trade. One basic form of economy is given by the law of demand and supply.
- If more people are demanding a particular product and there is not enough supply for the particular product then the price is bound to increase.
- This is the sole reason why production is such a huge part in every economy without production there is no supply and without supply, there is no economy.
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