Question

What is
an
economy? Explain
economic activities with examples​

Answer 1

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.
• Economic activity is the activity of making, providing, purchasing, or selling goods or services. ... Employees working in a factory and receiving wages, for example, are performing economic activities. Their employers are also economically active because they pay the workers and make and sell goods.

Explanation:

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