Economics sst
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Economics involves the careful management of resources like money and goods. It includes the production, distribution, and consumption of goods and services within a country's economy. Trade, both domestic and international, empowers countries politically and financially by allowing the sale and purchase of items. Money is what people use to buy goods and services, and different forms have been used throughout history like gold, silver, and now credit cards. Banks act as reservoirs where people can save their money and assets.
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Economics sst
- 2. What is economics? Economics is the careful management of available resources (like money, material, gold or any other asset) A country’s economy includes the chain of • Production • Distribution • And consumption of goods and services.
- 4. Public goods: The property owned by the government/state. For Example: The roads, Law, Parks Private goods: The private property refers to a business/ property owned by a person. For example: Health, trade, amusements What is trade? Trade is selling and buying of things. If this process is carried at international level then it becomes international trade. It empowers a country politically and financially.
- 5. Export: An item sold to a global customer in the international market is called as export. For Example: Pakistan has a lot of mangoes. It exports mangoes to Japan, UAE and France. Import: Buying a product from the global market is called import. For Example: Edible oil, sugar, machinery etc.
- 6. Use of money (what is money) Money is what people use to buy different goods and services. Since the start of time human beings have been using different forms of money (gold, silver, money, paper money and now credit card)
- 7. BANKS Banks are like reservoir People save their asset in banks. (Money)