What is economy

1. the state of a country or region in terms of the production and consumption of goods and services and the supply of money."he favours tax cuts to stimulate the economy"synonymes : wealth, (financial) resources, financial system, financial state, financial management
2. careful management of available resources."fuel economy"synonymes : thrift, providence, prudence, thriftiness, canniness, carefulness, care, good management, good husbandry, careful budgeting, economizing, saving, scrimping and saving, scrimping, restraint, frugality, fuel-saving, abstemiousness, meanness, penny-pinching, miserliness, niggardliness, parsimony, forehandedness, stinginess, sparingness, frugalness

What is an economy explain?

An economy consists of consumers who buy products and services, businesses who employ consumers and make goods, and the government at various level who both buy products, employ labour and levy taxes. Their collective interactions create a simplified economy.

What is economy in a country?

An economy is the system for deciding how scarce resources are used so that goods and services can be produced and consumed. Resources are things like land, people (who can work or innovate through their ideas) and raw materials.

What is a economy example?

A prominent example of an economy is the traditional economy that encompasses the customs and history of a nation to guide production and distribution of goods. Traditional economies are mostly based on agriculture, fishing, and hunting.

What is economy and its types?

An economy is a system whereby goods are produced and exchanged. Without a viable economy, a state will collapse. There are three main types of economies are free market, command, and mixed economies.