Question

Answer each of the following questions in a paragraph.
How do production and exchange play a very important role in our daily life?

Answer 1

Exchange and production are the two sides of a coin where exchange complements product by adding utilities to the produced goods on transferring them to the required places and people whereas exchange is possible due to the produced goods.

Therefore, both the activities generates opportunities for jobs as well as provide required goods and services in our daily life at the best nominal rate possible.