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.
WHAT
IS ECONOMICS?
