BUSINESS ENGLISH

THE ECONOMY (page 1)


WHAT IS ECONOMICS?
What is economics? Why do we have money? What determines the cost of the things we buy?

Economics is the study of the market system. It's the study of how people make choices about what they buy and what they produce, and how the market system works.


WHAT IS ECONOMIC INFRASTRUCTURE?

The underlying amount of physical and financial capital that is embodied in the transport, communication, energy and public services e.g. roads, railways, power stations, schools, bridges, sewers, factories and hospitals.


WHAT ARE THE SECTORS OF AN ECONOMY?
Primary: Agriculture and the extraction of resources from the earth.

Secondary: Manufacturing industry in which raw materials are turned into finished products.

Tertiary: The commercial services that help industry produce and distribute goods to the final consumers, as well as activities such as education, health care, leisure, tourism and so on.


Look at some of the vocabulary that has been used. Choose the best meaning for each word.

1. determines
B
a. won't give up
b. decides
2. produce
B
a. make
b. things / items
3. underlying
B
a. not telling the truth
b. basic / basis
4. capital
B

a. most important city
b. wealth

5. extraction
B
a. removal
b. use
6. raw
B
a. uncooked
b. natural / not altered