Economy - Scientific Journals

 An economy is that the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. the assembly and consumption of products and services are wont to fulfill the requirements of these living and operating within the economy, which is additionally mentioned as an financial system . An economy encompasses all activity associated with production, consumption, and trade of products and services in a neighborhood . An economy applies to everyone from individuals to entities like corporations and governments. The economy of a specific region or country is governed by its culture, laws, history, and geography, among other factors, and it evolves thanks to necessity. For this reason, no two economies are identical. arket-based economies allow goods to flow freely through the market, consistent with supply and demand. The us is taken into account a free enterprise where consumers and producers determine what’s sold and produced. Producers own what they create and choose their own prices, while consumers own what they buy and choose what proportion they’re willing to pay. However, the law of supply and demand can impact prices and production. If consumer demand for a selected good increases and there is a resulting supply shortage, prices tend to rise as consumers are willing to pay more for that good. In turn, production tends to extend to satisfy the demand since produces are driven by profit.  

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