GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
producing, marketing and selling goods and services in a country
|
|
|
creating, designing and exploring goods and services in a country
|
|
|
producing, distributing and consuming goods and services in a country
|
|
|
producing, distributing and selling foods and services in a country
|
Detailed explanation-1: -An economy encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity, whether the entity is a nation or a small town. No two economies are identical. Each is formed according to its own resources, culture, laws, history, and geography.
Detailed explanation-2: -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-3: -[count] : the process or system by which goods and services are produced, sold, and bought in a country or region.
Detailed explanation-4: -Economics is the study of the production, distribution, and consumption of goods and services. Resources are the inputs used to produce outputs. Resources may include any or all of the following: Land and other natural resources.
Detailed explanation-5: -A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services. Market economies are not controlled by a central authority (like a government) and are instead based on voluntary exchange.