Most people work to earn a living and they
produce goods and services. Goods are either
agricultural (like maize) or manufactured (like
cars). Services are such things like education, 1._________
medicine, and commerce. These people provide 2.__________
goods; some provide services. Other people provide
both goods or services. For example, in the same 3.__________
garage a man may buy a car or some service which
helps him maintain his car.
The work people do is called as economic 4.__________
activity. All economic activities taken together make
up the economic system of a town, a city, a country,
or the world. Such economic system is the sum-total 5.__________
of what people do and what they want. The work
people do either provides what they need or provides
the money with that they can buy essential 6.__________
commodities. Of course, most people hope to have
enough money to buy commodities and services which
are essential but which provide some particular 7. __________
personal satisfaction, such as toys for children, visits 8. __________
the cinema, and books.
The science of economics is basic upon the facts 9. __________
of our everyday lives. Economists study our everyday
lives and the general life of our communities in order
to understand the whole economic system of which we
are a part. They try to describe the facts of the
economy in which we live, and to explain how it
works. The economist methods should of course be 10. __________
strictly objective and scientific.
1. like → as
2. Those → Some
3. or → and
4. called as→ call
5. Such → Such an
6. that → which
7. essential → nonessential or +not
8. visits → visits to
9. basic → based
10. economist → economist’s |
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