BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An economy is a system of inter-related production and consumption activities that ultimately determine the allocation of resources within a group. The production and consumption of goods and services as a whole fulfill the needs of those living and operating within it.

Detailed explanation-2: -A production process is a method of using economic input or resources, like labor, capital equipment or land, to provide goods and services to consumers.

Detailed explanation-3: -Consumption is the act of using resources to satisfy current needs and wants. It is seen in contrast to investing, which is spending for acquisition of future income. Consumption is a major concept in economics and is also studied in many other social sciences.

Detailed explanation-4: -4 Types of Consumption in Economics The main types include convenience, shopping, specialty, and unsought consumer goods: Convenience: These goods are frequently consumed and easy to attain.