Economy |Global & Market Economy|
What is Economy. The economy can be analyzed at various levels, such as global, national, regional, or local. In a market-based economy, like most modern economies, the allocation of resources and the determination of prices are primarily driven by supply and demand interactions in the marketplace. The economy consists of various sectors, including agriculture, industry, services, finance, and more, which collectively contribute to overall economic growth and development. Key elements of an economy include: 1. Production: The process of creating goods and services using available resources, labor, and capital. Production can take place in different sectors, such as manufacturing, agriculture, and services. 2. Consumption: The utilization of goods and services by individuals, households, businesses, and the government. Consumption is a vital component of economic activity as it drives demand and influences production decisions. 3. Distribution: The allo