Is it true that we live our economic lives through our transactions with other people? Economics...
Is it true that we live our economic lives through our transactions with other people?
Economics Accounting and Finance Class
Homework Answers
The dimensions of economic life includes basically three different types of economic activity. They are production, exchange and distribution. All these economic activities involves transactions of one type or the other with different people.
The activity of production involves the production undertaken for the purpose of sustainance and market based production for reaping profits . In both cases there is transactions with other people in relation with the process of production, getting the required inputs and raw materials needed for the production process .
The process of exchange taking place in an economy includes the form of market exchange , exchange that takes place as an obligation and the exchange that takes place as a result of redistribution of goods and services for the benefit of the economy as a whole. Thus, the process of exchange also includes transactions in one way or the other .
The next phase is consumption or the process of using the goods and services .
Ultimately, our needs are met through the transactions that takes place an economy.
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Is it true that we live our economic lives through our
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