1.

Explain the functions of an economy.

Answer»

Every country has a different economy. But the main functions of an economy are similar. Some of the main functions of an economy are:

  • Deciding the product and quantity of its production. 
  • Deciding for whom will the goods be produced. 
  • Minimising the production costs as much as possible. 
  • Distributing national income1 according to social and economic justice2. 
  • Making appropriate provisions3 for the economic needs of the future.


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