Question

what is economy and function

Answer 1

 

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Types and Functions of Economic Systems

Updated on February 2, 2015



Chrisagbe 

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What Are Economic Systems?

Due to the problem of scarcity, every economic system (be it capitalist, socialist, or any other economic system) needs to function to satisfy societal needs. Given such scarce resources, it believed that choices must be made regarding:

What to produce.

How much of each commodity to produce.

How to produce it.

For whom to produce

Answer 2

Hey mate!

Here's your answer!!

➡ In economics, a country is generally referred to as an economy.

➡ More formally, it is defined as a framework that consists of an economic system which allocates the scarce resources to the consumption, production, investment and saving activities.

$hope \: it \: helps \: you..$