What's the Point?
- The main function of an economy is to guide our choices when managing resources.
- Without an economy, we would be stuck with primitive technology, with everyone likely working on subsistence farming (cultivation that only produces enough to sustain oneself).
- Some of the benefits of economies are listed below.
- Allows people to specialize in certain areas.
- Gives products and services values.
- Allows foreign trade.
- Gives people the incentive to work.
- Drives production, development, trade, etc.
- Keeps order and balance.