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FACULTY OF ECONOMICS
Address: Iskandar street no. 63 Ph. (0532) 22287 Post Code 74112 Pangkalan Bun
Economic Activity
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. 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.
1. What do they produce? They produce goods and services. Goods are either produced on farms, like maize and
milk, or in factories, like cars and paper
3. What do we call the work which people do? The work which people do is called their economic activity
4. What two things can work provide for the worker? They can give other people provide both goods and
services
5. What can people buy with money? People can buy essential commodities or anything with money
D. Complete the definitions below with the right economics terms! See the following options! (10)
1. Materials that are produced for people to buy or things that can be seen and touched are called Goods
2. The amount of a product that is available for people to purchase is called Stock
3. Money that is paid to worker for the amount of time that has been worked is called salary
5. Money that is paid on a loan by the borrower for the use of that money is called Interest