GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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For consumption to occur, goods and services must be
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specialized.
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improved.
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exchanged.
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produced.
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Explanation:
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: -What is Consumption? Consumption is defined as the use of goods and services by a household. It is a component in the calculation of the Gross Domestic Product (GDP). Macroeconomists typically use consumption as a proxy of the overall economy.
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