SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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what is an economy?
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An Economy is the system of production, distribution and consumption.
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An Economy is the system of production.
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An Economy is the system of distribution.
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An Economy is the system of consumption.
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Explanation:
Detailed explanation-1: -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. Economies are not borne in a vacuum.
Detailed explanation-2: -An economy consists of consumers who buy products and services, businesses who employ consumers and make goods, and the government at various level who both buy products, employ labour and levy taxes. Their collective interactions create a simplified economy.
Detailed explanation-3: -Capitalism is a system of economic production. Markets are systems of distribution and allocation of goods already produced.
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