Question

what does economy refer to ? ​

Answer 1

Explanation:

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.

Answer 2

Answer:

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.

Market-based economies tend to allow goods to flow freely through the market, according to supply and demand.