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Introduction
Question
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What is meant by an economy?

Answer

An economy is a system that helps to produce goods and services and enables people to earn living.

Sponsor Area

Some More Questions From Introduction Chapter

Can the PP curve shift?

State factors which cause rightward (upward) shift of PP curve.

 How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

Define services.

What is meant by commodities?