Question

What is economy
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Answer 1

Question :-

What is Economy?

Answer :-

An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents.

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Answer 2

Step-by-step explanation:

• The state of a country or region in terms of the production and consumption of goods and services and the supply of money.

• 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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An economy consists of the economic system of a country or other area. When people have jobs, they have money. When they have money,they spend money. when they spend money, businesses make money and can pay their money. It's a cycle. It could be backwards also. [ refer attachment ]

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Types of economy :-

• Traditional economic system
• Command economic system
• Market economic system
• Mixed system