EconomySo, what is Economy? There is no accepted answer to the question "What is economics?" Some say it is the study of the functioning, distribution, production and consumption of goods in human society. It is also the study of how individuals and groups make decisions with limited resources to best satisfy their wants and needs. The economy is about trade-offs, and everyone faces trade-offs. What is trade-off in brief? It's when people want to get something they like, they have to give up something else they want. For example, a student wanted to graduate from college early, then he will have to give up his time to entertain, time to work, etc. So he would have more time to concentrate on his studies. This is also a kind of economy. What are the benefits of the economy? Some people may think that many other countries are competitors of other countries in the world economy. That's true because American and other companies produce many of the same goods. Benz and BMW have the same level of buyers in the automobile market. Microsoft and Sony compete for the same...