Hayat Ashraf

The term economy" refers to the system by which a society produces, distributes, and consumes goods and services. It encompasses all the activities, institutions, and interactions related to the production and consumption of goods and services within a particular region or country. Here are some key aspects of an economy: 1. Economic Systems: There are different types of economic systems, including:    a. Market Economy: In a market economy, resources are allocated based on supply and demand, and businesses and individuals make decisions about production and consumption. Prices and competition play a significant role.    b. Command Economy: In a command economy, the government has centralized control over resource allocation and production decisions.    c. Mixed Economy: Most economies in the world are mixed economies, combining elements of market and command systems. Governments intervene to some extent while allowing market forces to operate. 2. Gross Dom...