The science of economics
Most people work to earn a living, and produce goods and services. Good are either agricultural (like maize), or manufactured (like cars). Servies are such things as education, medicine and commerce. 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 some service which helps him maintain his car.
The work people do is called economic activity. All economic activities taken together make up the economic system of a town, a city, a country or the world. Such an economic system is the sum-total of what people do and what they want. The work people do either buy essential commodities. Of course, most people hope to have enough which provide some particular personal satisfaction, such as toys for children, visits to the cinema and books.
The science of economics is based upon the facts of our everyday lives. Economists study our everyday lives and thr general life of our communities in order to understand the whole economic system of which we are 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 strictly objective and scientific.
We need food, clothes and shelter. We probably would not go to work if we could satisfy these basic needs without working. But even when we have satisfied such basic needs, we may still want other things, such as the toys, visits to cinema and books mentioned above. Our live might be more enjoyable if we had such things. Human beings undoubtedly is concerned with all our needs with the desire to have a radio as well as the basic necessity or having enough food to eat.
The work people do is called economic activity. All economic activities taken together make up the economic system of a town, a city, a country or the world. Such an economic system is the sum-total of what people do and what they want. The work people do either buy essential commodities. Of course, most people hope to have enough which provide some particular personal satisfaction, such as toys for children, visits to the cinema and books.
The science of economics is based upon the facts of our everyday lives. Economists study our everyday lives and thr general life of our communities in order to understand the whole economic system of which we are 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 strictly objective and scientific.
We need food, clothes and shelter. We probably would not go to work if we could satisfy these basic needs without working. But even when we have satisfied such basic needs, we may still want other things, such as the toys, visits to cinema and books mentioned above. Our live might be more enjoyable if we had such things. Human beings undoubtedly is concerned with all our needs with the desire to have a radio as well as the basic necessity or having enough food to eat.
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