What is an Economy?

An economy is typically based on a territory, such as a country or a town, and it depends on the resources or riches that are present in that place. The term “economy” can also be defined as the process by which a country produces and consumer goods and services; as a result, the term refers to the efficiency with which production and consumption take place as well as the standard of the produced commodities and services. An area’s financial activities are demonstrated by its economy. It encompasses not only the creation of commodities and services but also the institutions and organizations involved in their creation.

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