Question

What Is an economy ? ​

Answer 1

An economy is the large set of inter - related production and consumption activities that aid in determining how scarce resources are allocated .

The production and consumption of goods and services are used to fulfill the needs of those living and operating within the economy , which is also referred to as an economic system .

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.

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