Economy in our lives

Economy is the production, distribution, and consumption of goods and services. But what’s production? Production is anything that is made or created. So for example, furniture. Furniture is made by people and factories. Another example is movies. When movies are made, you may hear people say, “... produced a movie! It’s one of the biggest hits in the country!” That’s because the producers made the movie, so it’s called production. Production is present in our everyday lives, even if you may think differently. What about distribution? Distribution is to give. But how does that relate to economy? Well, stores are distributors, because they are giving goods to us. Consumption is when we take things in. So how is it related to economy? Well, when some stores give things to us, we are consuming it. Next up, goods and services. Goods are things you can buy from a store, such as a basketball, a glove, carrots, a water bottle, shampoo, soap, etc. Last but not least, services. Services are groups/people/organizations that help you in something. For example, school! So now you know, economy is the production, distribution, and consumption of goods and services.