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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
What are the main features (components) of the economy?
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Answer

  1. The economy is a system related to the production, distribution and consumption of goods and services in a specific region.
  2. The main features of an economy are :
    • Well defined geographical area.
    • Population, i.e. the people living within that geographical area and undertaking various economic activities.
    • Natural resources to undertake economic activities.
    • Political sovereignty that exercises control over the economy.

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