Economy is the sum total of all ‘commercial activities.’ It includes buying, selling, distributing, giving, taking and such other activities. It does not include activities such as reading a book. But if you were reading the book after paying a certain fee then this will be a part of economic activity. Similarly while gazing soulfully at a landscape is not a part of the economy, it does become one if it is part of a paid tour.
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Wednesday, December 8, 2010
Economic measures
There are a number of ways to measure economic activity of a nation. These methods of measuring economic activity include:
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