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The economy is a
The economy is
a. the mechanism through which the use of labor, land, and other resources is organized to satisfy the demands of people in a society.
b. the government of a nation, city, or county.
c. a business set up for the purpose of earning profits.
d. the mechanism through which political decisions are made in society.
Expert Solution
The correct option is a. the mechanism through which the use of labor, land, and other resources is organized to satisfy the demands of people in a society.
Explanation:
An economy is considered as a part of land captured by a nation where people interact to get useful things that help them live their lives. People are engaged in various economic activities within these geographical boundaries and they make an exchange of resources using money. People offer themselves as labor for the manufacturing process and the land is used to establish plants and machinery or offices. In general, an economy is where people make demands and engage in economic activities to meet their demands.
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