USA HISTORY

Detailed explanation-1: -: a system or stage of economic life in which money replaces barter in the exchange of goods.

Detailed explanation-2: -1. [count] : the process or system by which goods and services are produced, sold, and bought in a country or region.

Detailed explanation-3: -Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.

Detailed explanation-4: -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.