ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The economy is the social institution that organizes the production, distribution, and consumption of a society’s goods and services. It consists of three sectors: the primary sector, the secondary sector, and the tertiary sector.

Detailed explanation-2: -The economy is the system of production, distribution, and consumption of goods and services. There are different types of economies: command, traditional, market, and mixed. Each varies in their ideals and systems of controls.

Detailed explanation-3: -Redistribution is the accumulation of goods or labor by a particular person or institution for the purpose of dispersal at a later date. Redistribution is found in all societies. For example, within households we pool our labor and resources, yet we rarely distribute these outside of our family.

Detailed explanation-4: -Economic institutions work in modern society to ensure the production, distribution, and consumption of goods and services.