Question

What does 'nature of economy' mean?​

Answer 1

Explanation:

Nature And Scope of Economics. Sponsored. Economics is defined as the social science that deals with the production, distribution, and consumption of goods and services. Evolved in the 19th century, the economic studies have become one of the most significant studies of modern days.

Answer 2

Nature of economy means the study of the countries wealth human behavior and scarce resources.

Explanation:

• As economics is considered as an art and science as its continuous and systematic study of laws and consists of theories that states the allocation of resources.  

• Has principles that relate to the use of resources to solve economic problems, satisfy the wants and needs.

• Since diverse nations have different resources, some are more focused on primary resources while others are more focused on secondary and tertiary sectors.  

• Like India has a mixed economy that focuses on both social and commercial sectors, the U.S has a commercial economy that is involved in the commercialization of each and every resource into its GDP.  

• More advanced nations of the world have developed economies that rely on technology and service sectors.

Learn more about the what does 'nature of economy' mean.

• brainly.in/question/11024144 answered by balwinder4095.