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Meeting 2.reading

The document discusses economic activity, explaining that people work to produce goods and services, which are essential for their living. It highlights the role of the economic system as the sum-total of people's activities and needs. Additionally, it introduces economics as a science that studies everyday life and material needs beyond just basic necessities.

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40 views2 pages

Meeting 2.reading

The document discusses economic activity, explaining that people work to produce goods and services, which are essential for their living. It highlights the role of the economic system as the sum-total of people's activities and needs. Additionally, it introduces economics as a science that studies everyday life and material needs beyond just basic necessities.

Uploaded by

supriantitwj717
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ECONOMIC ACTIVITY

Most people work in order to earn their living. They produce goods and
services. Goods are either produced on farms, like maize and milk, or in
factories, like cars and paper. Services are provided by such things as
schools, hospitals, and shops. Some people provide goods; some provide
services. Other people provide both goods and services. For example, in the
same garage, a man may buy a car, or he may buy some service which helps
him to maintain his car. The work which people do is called their economic
activity. Economic activities make up the economic system. The economic
system is the sum-total of what people do and what they want. The work
which people undertake either provides what they need or provides them
with money. People buy essential commodities with money

Answer all questions below based on the passage above!


1. Why do most people work?
2. What do they produce?
3. Where are goods produced?
4. What do schools, hospitals, and shops provide?
5. What two different things can a man buy in, for example, a garage?
6. What do we call the work which people do?
7. What is an economic system the sum-total of?
8. What two things can work provide for the worker?
9. What can people buy with money?
THE SCIENCE OF ECONOMICS

Economics is a science. This science is based upon the facts of our


everyday lives. Economist study our everyday lives. They study the
system which affects our lives. The economist tries to describe the facts
of the economy in which we live. He tries to explain how the system
works. His methods should be objective and scientific. We need food,
clothes, and shelter. If we could get food, clothes, and shelter without
working, we probably would not work. But even when we have these
essential things, we may want other things. If we had them, these other
things (like radios, books, and toys for the children) might make life more
enjoyable. The science of economics is concerned with all our material
needs and wants. It is not just concerned with basic needs like food,
clothes, and shelter.

Answer all questions below based on the passage above!


1. What is economics?
2. What is it based upon?
3. What two things do economists study?
4. What do they try to do?
5. What do they try to explain?
6. What should the methods of the economist be like?
7. What three essential things do we need?
8. What would happen if we could get these essentials without
working?
9. What might make life more enjoyable?
10.What is economics concerned with?

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