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Geography ch 8 - Introduction to Economics — Social Studies STD 9 — Question

Maharashtra BoardEnglish MediumSTD 9Social StudiesGeography ch 8 - Introduction to Economics3 Marks
Question
Explain the functions of an economy.
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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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