Question

What is an Economy? Why the economy is important for a country? How coronavirus impact the economy?

At least 3 well developed paragraphs.

Answer 1

Answer-An Economy is an area where all the production of goods and services, distribution of goods and services as well as consumption of goods and services takes place. In an economy. An economy is mainly the reason for the creation of availability of jobs and goods and services consumption by consumers and for the social welfare in terms of income generation for the peoples.

An economy is important for a country's development because due to the economy there is no crisis for jobs and employment, the economy country is also able to produce goods and services for the consumers and for citizens of the country. An economy is also important for the development of the countries infrastructure , health facilities, education , and agriculture development of the country.

Coronavirus impact the economy-

1. The world economy is in recession due to coronavirus.

2. World economies are struggling with unemployment and with the effects of inflation.

3. Tourism and travel industry completely collapse due to the corona virus spread.

4. The production process in industries shut down due to the corona virus.

5. Almost every country of the world is suffering from serious health related issues of its citizens.

6.Reduction in the number of shoppers.