Economic Institution

ECONOMY

When an artist looks at the world, he sees colour.

When a musician looks at the world, he hears music.

When an economist looks at the world,

he hears a symphony of costs and benefits.

D. Colander

Essential vocabulary:

Economy

- a system according to which the money, industry, and trade of a country or region are organized;

- a country’s economy is the wealth that it gets from business and industry;

- careful spending or the use of things in order to save money;

- large-size packages of goods which are cheaper than the normal sized packages on sale.

Economic

- concerned with economics and with the organization of the money, industry, and trade of a country, region, or social group;

- relating to services, businesses, etc. that produce a profit.

Economical

- something that is economical does not require a lot of money to operate;

- using the minimum amount of time, effort, language, etc. that is necessary.

Economics

- the study of the production of wealth and the consumption of goods and services in a society, and the organization of its money, industry, and trade.

Economist

- an expert or student of economics.

Economize

- save money by spending it very carefully and not buying expensive things.

Economic Institution

- a physical or mental structure that significantly influences economic decisions.