CHILD DEVELOPMENT PEDAGOGY

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: -In the United States, the government influences economic activity through two approaches: monetary policy and fiscal policy. Through monetary policy, the government exerts its power to regulate the money supply and level of interest rates. Through fiscal policy, it uses its power to tax and to spend.

Detailed explanation-3: -It is defined by Adam Smith as economics is a science which enquires into the nature and causes of wealth of a nation. It is the study of wealth only, the main objective of economics is to examine how people earn wealth and spend it. Was this answer helpful?

Detailed explanation-4: -(ˌiːkəˈnɒmɪk ˈmænɪdʒmənt ) economics. the management of the resources, finances, income, and expenditure of a community, business enterprise, etc. Economic management remains a serious problem in developing countries.

Detailed explanation-5: -Governments influence the economy by changing the level and types of taxes, the extent and composition of spending, and the degree and form of borrowing. Governments directly and indirectly influence the way resources are used in the economy.