Answer:
True.
Step-by-step explanation:
The above rightly defines what an economy entails. In an economy, the human factor is of great importance and this is because goods and services are produced for the peoples' use. The demand by the consumers depending on how high it is in the market results in high production of goods. We can see that, when the economy experiences hardship, it greatly affects the people. The place of the manufacturers and retailers is of importance because, without them, there will be no production to satisfy human wants. There are various factors of production namely, Land, Labor, and capital.
It is important to note that, economy differs from one country to the other and this could be based on rules, tradition, geography, etc.