Most
people work to earn a living, and produce goods and services. Goods are either
agricultural (like maize), or manufactured (like cars). Services 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 or 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 a world.
Such an economic system is the sum-total of what people do and what they want.
The work people do either provides what they need or provides the money with
which they can buy essential commodities. Of course, most people hope to have
enough money to buy commodities and services which are non-essential but 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 the 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’s 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 other things, such as the toys, visits to
the cinema and books mentioned above. Our lives might be more enjoyable if we
had such things. Human beings undoubtedly have a wide and very complex range of
wants. The science of economics is concerned with all our needs with desire to
have a radio as well as the basic necessity of having enough food to eat.
(Taken form A Rapid Course in English
for Students of Economics by Tom McArthur)
Question
9. What
are our basic needs?
Basically we need
is food, clothing and shelter
10.
What is the meaning of sentence “human
beings undoubtedly have a wide and very
complex range of wants” (line 26 – 27).
complex range of wants” (line 26 – 27).
Man
is basically can not solely rely on its own strength to achieve his life,
Humans need other humans. Humans certainly have the
necessities of life that must be
met for survival, diverse needs and never feel satisfied. Human
nature has always
wanted to improve and enhance the quality of life.
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