Simple Way to Know, How Our Economy Works?
In simple words, our economy (an economy) is a system that determines how to use scarce resources to produce and consume goods and services.
According to Wikipedia, an economy refers to the system involved in the production, distribution, trade, and consumption of goods and services. It is defined as a social domain that focuses on the practices, discussions, and material manifestations related to the production, utilization, and management of resources.