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Most
people work in order to earn their living.

They produce goods
and services.

Goods are either
produced on farms, like maize and 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.