Question

What is economy? economic basics study question 2

Answer 1

The study that tells about the production, usage and distribution of goods and services among the people of the nation is called the economy.

What is production?

Production is the process of making finished goods by converting them from its raw materials.

• Economy is referring to the study that describes the manufacturing, consumption and distribution of the goods and services among the citizens of the country. The field which studied about economy is called Economics.  
• It could be inclusive of customers, business firms and the government. The customers are the ones who acquire the goods for satisfying his/her wants.
• The business houses are the entities that made the goods and then make it available in the market for sale to the customers. The government is the authority who regulate the equal distribution of goods to each and every people of the country.

Therefore, the economy is briefly explained above.

Learn more about the manufacturing process in the related link:

brainly.com/question/27908364

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