ECONOMY BASICS

Ø  Intro:

o   Economy – All production units and workplaces existing in a place

§  provides goods and services – directly or indirectly satisfies wants of people

§  Consumer goods:

·         Single use CG – milk, eggs, meat etc

·         Durable CG – refrigerator, TV etc

§  Consumer services:

·         having a haircut, laundry, banks, doctors etc

§  Producer goods:

·         Goods req to produce more goods – machinery, raw material etc

·         Single user PG – raw material

·         Durable PG – machinery