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PART 1: UNIT 1

Economic Activity

Text A

PART 1: UNIT 1 Economic Activity Text A Most people work in order to earn their

Most people work in order to earn their living. They produce goods and services. Goods are either produced on farms, like maize or milk, or in factories, like cars and paper. Services are provided by such things as schools, hospitals and shops. 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 he may buy some service which helps him to maintain his car. The work which people do is called their economic activity. Economic activities make up the economic system. The economic system is the sum-total of what people do and what they want. The work which people undertake either provides what they need or provides them with money. People buy essential commodities with money.

UNIT 1

Economic Activity

Text B

UNIT 1 Economic Activity Text B Most people work in order to earn a living and

Most people work in order to earn a living and produce goods and services. Goods are either agricultural (like maize and milk) or manufactured (like cars and paper). 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 he may buy some service which helps him to maintain his car.

The work people do is called economic activity. All economic activities together make up the economic system of a town, a city, a country or the world. Such an economic system is sum-total of what people do and what they want. The work people undertake either provides what they need or provides the money with which they can buy essential commodities. Of course, most people hope to earn enough money to buy commodities and services which are nonessential but which provide some particular personal satisfaction, like toys for children, visits to the cinema and books.

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UNIT 2

The Science of Economics

Text A

UNIT 2 The Science of Economics Text A Economics is a science. This science is based

Economics is a science. This science is based upon the facts of our everyday lives. Economist study our everyday lives. They study the system which affects our lives. The economist tries to describe the facts of the economy in which we live. He tries to explain how the system works. His methods should be objective and scientific. We need food, clothes and shelter. If we could get food, clothes and shelter without working, we probably would not work. But even when we have these essential things, we may want other things. If we had them, these other thing (like radios, books and toys for the children) might make life more enjoyable. The science of economics is concerned with all our material needs and wants. It is not concerned with basic needs like food, clothes and shelter.

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UNIT 2

The Science of Economics

Text B

UNIT 2 The Science of Economics Text B The science of economics is based upon the

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 explain how it all works. The economist’s method should be of course 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. Our lives might be more enjoyable if we had such things as radios, books and toys for the children. Human beings certainly have a wide and very complex range of wants. The science of economics is concerned with all material needs: it is concerned with the desire to have a radio as well as the basic necessity of having enough food to eat.

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UNIT 3

Different Economic Systems

Text A

UNIT 3 Different Economic Systems Text A Not all economic systems are the same. The economic
UNIT 3 Different Economic Systems Text A Not all economic systems are the same. The economic

Not all economic systems are the same. The economic system of the United States is very different from the economic system of Union of Soviet Socialist Republics. The American system is based on private enterprise. The Russian system is based on the principles of Karl Marx. Karl Marx was a political economist who lived in the19th century. The American system is capitalistic, while the Russian system is communistic. The economic ideologies of these two nations differ very much from each other. The economic system of Britain is very similar to the American system. Britain has an economic system based on private enterprise and private supplies of capital. Property in Britain and the United States can be owned by individual citizens. The economic freedom of the citizens of Britain and America is not complete freedom. Citizens must obey the law, but otherwise they can use their time, money and effort as they wish.