Most people work to earn a living and they 
produce goods and services. Goods are either 
agricultural (like maize) or manufactured (like 
cars). Services are such things like education, 1._________
medicine, and commerce. These people provide 2.__________
goods; some provide services. Other people provide 
both goods or services. For example, in the same 3.__________
garage a man may buy a car or some service which 
helps him maintain his car. 

The work people do is called as economic 4.__________
activity. All economic activities taken together make 
up the economic system of a town, a city, a country, 
or the world. Such economic system is the sum-total 5.__________
of what people do and what they want. The work 
people do either provides what they need or provides 
the money with that they can buy essential 6.__________
commodities. Of course, most people hope to have 
enough money to buy commodities and services which 
are essential but which provide some particular 7. __________
personal satisfaction, such as toys for children, visits 8. __________
the cinema, and books. 

The science of economics is basic upon the facts 9. __________
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 a 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 10. __________
strictly objective and scientific. 


1. like → as
2. Those → Some
3. or → and
4. called as→ call
5. Such → Such an
6. that → which
7. essential → nonessential or +not
8. visits → visits to
9. basic → based
10. economist → economist’s