Question

what is economy? explain briefly​

Answer 1

Answer:

money or capital which we will invest on a particular is known as economy

Answer 2

Explanation:

Economy is the term used for the production and consumption activities that take place in a nation seeking to efficiently allocate the nation’s resources for the public benefit.

Example

A prominent example of an economy is the traditional economy that encompasses the customs and history of a nation to guide production and distribution of goods. Traditional economies are mostly based on agriculture, fishing, and hunting. Nowadays, there are some traditional economies, but mixed traditional economies are their contemporary successor.

A mixed traditional economy uses mostly cash and encompasses elements of capitalism as it allows ownership of production factors and control over the distribution of these factors in society. Moreover, other forms of mixed traditional economies are based on a nomadic style, encompassing elements of socialism, which allows the distribution of production to those who work for it.