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WHAT DO YOU MEAN BY ECONOMY ....??
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Answers & Comments
Answer:
Economy is the system that include production , distribution , trade and consumption of goods & services . & the word similiar to Economy is WEALTH .....
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Certainly, here's a point-wise explanation of the concept of "economy":
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Definition:
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Components:
It encompasses various components, including:
How goods and services are created.
How these products are transported and made available to consumers.
How individuals and businesses use these products.
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Resource Allocation:
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Market Forces:
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Types of Economies:
Market Economy:
Driven primarily by private enterprise and consumer choices.
Command Economy:
Where the government controls most economic activities.
Mixed Economy:
Combines elements of both market and command economies.
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Economic Indicators:
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Economic Growth:
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International Trade:
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Government Role:
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Economic Systems:
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Global Economy:
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Economic Challenges:
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Understanding these points helps in grasping the multifaceted nature of economies and their impact on societies.
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