Question

In 60 words or fewer, write what you think the term economy means. Think about how money fits into your definition.

Answer 1

Step-by-step explanation:

An economy is made up of every single activity that has to do with production, consumption, and the buying and selling of goods or rendering services.

In an economy there are combinations of market transactions and decisions made collectively or in hierarchy. Individuals, families, businesses, governments make up the decision-making process.

Money is the legal tender of an economy. It is the medium of exchange that an economy uses for transactions.