It is a system by which Goods and services are produced, sold and bought in an area.
Let's take an example to understand.
What is Economy?
Last updated at Dec. 14, 2024 by Teachoo
Last updated at Dec. 14, 2024 by Teachoo
It is a system by which Goods and services are produced, sold and bought in an area.
Let's take an example to understand.
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)
About the Author
CA Maninder Singh is a Chartered Accountant for the past 14 years and a teacher from the past 18 years. He teaches Science, Economics, Accounting and English at Teachoo