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Define the terms economy and economics

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Reference no: EM133367577

Questions

1. How would you like to define the terms "Economy" and " Economics"? Is there any differences between "Economy" and " Economics"?

2. Identify the main ingredients of the economy walking around your neighbourhood.

Take a walk, and keep track of what you see:

What work are people doing (paid & unpaid)?

What do people consume, in order to stay alive?

What is being invested - is enough output ploughed back into improving or expanding the local economy?

How do people finance their bills? Where do they get money?

Reference no: EM133367577

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