Answer:
An economy is a system of making and trading things of value. It is usually divided into goods (physical things) and services (things done by people). It assumes there is medium of exchange, which in the modern world is a system of finance. This makes trade possible. Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. ... Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency.
Explanation:
Examples: The traditional economy that encompasses the customs and history of a nation to guide production and distribution of goods. Traditional economies are mostly based on agriculture, fishing, and hunting.
.
Hope this helps ❤
There are a number of important industries in New England but the two most important are the timber industries and the fishing industries.
The timber industry helped make the fishing industry successful by giving the shipbuilders ample supply for the needed wood to build ships so that fisherman could go out and catch the cod, which was basically worth its weight in gold.
Totalitarianism! This is essentially a dictatorship in which the power of the government (typically a single person and a few trusted advisors) have absolute power over the people.
