Meaning of economy

• An economy is a combination of productive activities and services provided. People buy various goods and services from the market to satisfy their wants.

• An economy is a system which provides the means to work and earn a living. It is an organisation which makes the use of available resources to produce goods and services.

• In the past village economy was an important economic, political and administrative unit. Agriculture and handicrafts were the main activities (occupations) of the people in villages.

• The state (Maharashtra) as well as National (India) and Global (World) economy, which exist today, show an extension of village economy.