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| 1. |
What is the role and significance of good and service in an economy? |
| Answer» In an\xa0economy, the production and consumption of\xa0goods and services\xa0are used to fulfill the needs of those living and operating within it. Market-based\xa0economies\xa0tend to allow\xa0goods\xa0to flow freely through the market, according to supply and demand.\xa0Service\xa0sector provides finance, marketing, transport, insurance for the development of the agriculture sector. So that the\xa0service\xa0sector can provide employment opportunity with minimum capital investment.\xa0Service\xa0sector can play a major\xa0role\xa0in reducing inequalities in the distribution of income in the\xa0economy. | |