BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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society
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the way a nation makes economic choices about how the nation will use its resources to produce and distribute goods and services
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the way in which the government decides on how things will be run fairly in the nation
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Detailed explanation-1: -An economy is a nation’s method for making economic choices that involve how it will use its resources to produce and distribute goods and services to meet the needs of its production.
Detailed explanation-2: -Economic way of thinking examines how people make choices under conditions of scarcity and systems of production, consumption, and distribution. It also examines the effects of government policy and actions on market outcomes.
Detailed explanation-3: -What is the economy? An economy is the system for deciding how scarce resources are used so that goods and services can be produced and consumed. Resources are things like land, people (who can work or innovate through their ideas) and raw materials.
Detailed explanation-4: -An economy is a broad collection of interconnected production, consumption, and trade activities that aid in distributing scarce resources. Goods and services are produced, consumed, and distributed to suit the requirements of those who live and work in an economy, also known as an economic system.