what is the global and regional economy?
Economics as a subject was developed since there was a limited amount of resources on earth. However, as humans started developing into advanced species, their demand started increasing. Thus, the subject helps in maximizing the utility of humans in such a manner that the limited resources are used efficiently.
As economies got more and more complicated a government body was formed. Proper rules and regulations and law and order are imposed which makes economic agents invest in land, buy machinery and undergo production processes to make money. The government keeps economic stability in place along with intervening in the private market so that the economic pie gets distributed as fairly as possible.
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