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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
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