Beginner’s Guide to the Economy (B2)
Understanding the economy can seem daunting, but it is essential for making informed decisions in our daily lives. This guide will introduce you to key concepts and terms in economics, helping you grasp the basics.
What is the Economy?
At its core, the economy is the system that governs how goods and services are produced, distributed, and consumed. It involves various players, including individuals, businesses, and governments. The economy can be local, national, or global, and its health affects everyone.
Key Terms to Know
Before diving deeper, it’s helpful to understand some basic economic terms:
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