[Solved] Which of the following statements about the 'Economy' is correct? — Ans: It refers to the system of economic activities including production,... | Economic Awareness

Economic Awareness - Sectors of Indian Economy

Which of the following statements about the 'Economy' is correct?

AIt only includes the production of goods but excludes services

BIt refers to the system of economic activities including production, distribution, and consumption

CIt is a theoretical concept with no real-world application

DIt is synonymous with the study of economics

Step-by-Step Solution

Step 1: Understand the concept of Economy
Economy refers to the actual system of economic activities including production, distribution, and consumption of both goods and services.
Step 2: Analyze options
It refers to the system of economic activities including production, distribution, and consumption correctly defines Economy. It only includes the production of goods but excludes services is incorrect as services are part of the economy. It is a theoretical concept with no real-world application is wrong because Economy is a real-world system. It is synonymous with the study of economics confuses Economy with Economics.
Final Answer:
It refers to the system of economic activities including production, distribution, and consumption → Option B
Quick Check:
Economy = system of production, distribution, consumption ✅

Quick Trick: Economy includes goods and services activities.

Common Mistakes:

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