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It is a system by which Goods and services are produced, sold and bought in an area

 

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Example Suppose there are only 2 people in an area -Factory and Mr. A Factory Sells goods to Customer A A pays them money A also works in same factory as Employee Factory pays him Salary Factory is Producing and Selling Goods to A A selling its services to Factory What is an Economy It is a system by which Goods and services are produced ,sold and bought Produces and Sells Goods Money Job (Service) Salary (Money)

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.