Economics 1021A/B Study Guide - Quiz Guide: Informal Sector

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: bruce hammond

Document Summary

This reading discusses the definition of economy, why we should care about it, its significance in day-to-day life and the creation of illegal economies in addition to critiquing measures of analysing a nations" wealth. This reading"s definition of economy is that is refers to activities involving production, distribution, exchange, and consumption of goods and services. We should care about economy because it is an enormous sphere of social life, quantitatively and qualitatively. Economy isn"t just sitting at work and contributing to the employment rate. Economy involves activities outside of work, which we do every day. These activities include shopping, eating out, going to the movies or concerts, getting your car fixed or clothes cleaned, banking, investing in the stock market and fixing up homes.