Practicing Success
An economy prospers when there are sufficient economic activities. Which of the following options denotes the basic economic activities of life? |
Production, store and sell Production, exchange and consumption Purchase, exchange and consumption None of the above |
Production, exchange and consumption |
The most accurate option for the basic economic activities of life is Option 2: Production, exchange and consumption Production, exchange and consumption of goods and services are among the basic economic activities of life. In the course of these basic economic activities, every society has to face scarcity of resources and it is the scarcity of resources that gives rise to the problem of choice.
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