what is the economy ?
Answers
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An economy is a system of making and trading things of value. It is usually divided into goods (physical things) and services (things done by people). It assumes there is medium of exchange, which in the modern world is a system of finance. This makes trade possible.
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Answer:
What Is an Economy?
An economy is the large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated. The production, consumption, and distribution 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.
KEY TAKEAWAYS
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.
Market-based economies tend to allow goods to flow freely through the market, according to supply and demand.
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