Basic problem of an economy
What is an Economy? Every individual of the society, to earn his livelihood, is engaged in earning in one way or the other. All are indulge in different occupation. Some earn their livelihood by doing service, some by running busines, some by teaching and others by cultivating the land, still others by plying autorickshaw or by running a tea stall. In this way, the entire working population of a country is occupied, produces goods and services. In return, it gets reward or income which provides living. It is by this income that people satisfy their different wants. Accourdingly, economy of a country includes the entire population engaged in agriculture, forestry, mines, business, schools, colleges, cinema houses, offices, banks, hospitals, roads, canals, railways etc. , with a view to earning living to satisfy its wants. Such an economy may pertain to a village, town , country or the world as a whole. Briefly, as said by A.J.Brown , " economy is a system by which people of an a...