Economy in a country?

Question

How does the economy of a country work and what are the elements that compose it? If someone who give me a general view. thank you

Answer 1

An economy consists of all of the production and trade of goods and services that occurs within a country. Therefore, everything from growing vegetables, to fixing cars to cutting hair is part of the economy. In a subsistence economy, each person produces everything that they want and need. In a market economy, people produce different things (eg one person grows apples, while another person grows bananas) and they trade/swap these goods for what they want.