Keyword Analysis & Research: economy

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Frequently Asked Questions

What does the word economy mean?

The economy is nothing but the cumulative result of the way you live your life, and the way everyone around you lives theirs. It’s how we make the things we want and decide who gets what.

What is the meaning of economy?

An economy is the large set of interrelated economic production and consumption activities that determines how scarce resources are allocated.

What makes an economy good orbad?

When a consumer is never saturated with a commodity and would always prefer more to less, then such a commodity is referred to as ‘ economic good ‘ or simply ‘good’. On the contrary, by ‘economic bad’ or just ‘bad’ we mean a commodity for which less is preferred to more.

What is the economy all about?

An economy is the large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated. The production, consumption, and distribution of goods and services are used to fulfill the needs of those living and operating within the economy, which is also referred to as an economic system.

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