Question

Why economy is important in our daily life. Explain with an example?
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Answer 1

The answer for the given riddle is pencil.

Explanation:

The hints for the riddle are iam from a mine and wood is major hint.

Generally natural resources like coal, diamond, graphite, iron are from mines.

In the above natural resources generally graphite is surrounded by wood and daily used by us as pencil for writing.

Answer 2

Answer:

Economics is the important you get to know how societies, governments, businesses, households, and individuals allocate their scarce resources. The economics can also provide valuable knowledge for making decisions in everyday life. Economics is concerned with the optimal distribution of resources in society.