Economic activity: is what is carried out by humans in order to acquire goods (products and services) that satisfy consumer needs
Economic goods: are products and services generated by economic activity
Products: are good which are obtained directly from nature or which are turned into something
Services: are activities carried out by humans to benefit society
Factors of production: are the resources that are required for the generation of economic goods
Natural resources: resources that are provided by nature and which can be used by mankind
Human resources: people who by virtue of their labour exploit and convert natural resources into economic goods
Capital: material, technical and finance resources are needed to obtain products and provide services
Economic agents: are those elements that have a role in converting the factors of production into goods and services
Economic activities: are grouped into three sectors the primary sector, secondary sector and tertiary sector
Primary sector: activities involved in obtaining resources directly from raw materials, including agriculture, livestock, fishing, forestry and mining. These are the oldest economic activities
Secondary sector: activities involved in converting raw materials into manufactured products or building housing and infrastructure
Tertiary sector: includes activities that provide services
Economic system: are the ways in which a country produces, organises, ditributes and administers its materials and human resources, and the economic goods that these generate, in order to provide for a high level of well-being
No comments:
Post a Comment