What is economy: What is an economy

What is an economy class 11 notes are beneficial for last-minute revision as they are comprehensive and updated according to the latest syllabus. These notes are helpful in a very comprehensive manner and they are short as well as pointed. What is an economy Vital processes of an economy What is an Economy? An economy is a large interrelated system of production and consumption activities that help in determining the allocation of scarce resources. This is also known as an economic system ... What does economy mean? The word economy describes how a country or place is doing in making goods, and how much money it has. The amount a country sells and makes is called economic activity. What does economy mean? The word economy describes how a country or place is doing in making goods, and how much money it has. The amount a country sells and makes is called economic activity. An economy encompasses all activity-related to production, consumption, and trade of goods and services therein. An economy applies to everyone from individuals to business enterprises such as corporations or small and medium enterprises and governments.