Needs / wants

 

Goods / services

 

Labour / Capital

 

Production / Consumption

 

 

 

Lesson

For an economy to exist, production of goods and services is very essential.

The standard of living or the consumption standard of the people depends on the volume and variety of production.

In fact, performance of an economy is judged by the level of its production.

Richness or poverty of a country is dependent upon the amount of goods and services it is able to produce. Read More

Goods and services?