ECONOMIC ACTIVITY

FACTORS OF PRODUCTION
1. LABOUR
  1. includes physical and intellectual labour
  2. made for a financial recompensation
2. NATURAL RESOURCES
  1. Non renewable resources
  2. Renewable resources
  3. They are produced in nature
3. CAPITAL
  1. Human
  2. Physical
  3. Financial
ECONOMIC SYSTEMS
1. AUTHORITY
  1. Decisions made by the government
    1. gives limited resources to the poblation
  2. usually don't work well
  3. North Korea have this type
2. CAPITALISM
  1. based on supply and demand
  2. Factors in which the prices are based
    1. free market
    2. investment of capital
    3. private ownerships
3. MIXED
  1. Collect taxes
    1. for welfare state
  2. Try to avoid lack of efficence
4. TRADITIONAL BASED
  1. Popular in middle ages
  2. production controlled by guilds
ECONOMIC AGENTS
1. HOUSE HOLDS
  1. supply labour & have financial renumeration
  2. recive goods
2. GOVERNMENT
  1. produces goods and services
  2. collect taxes
3. BUSINESS
  1. Produce work
HUMAN NEEDS
1. PRIMARY
  1. Sleep, air & water
2. SECONDARY
  1. Affection, shelter & comfort
MAIN ECONOMIC ACTIVITIES
1. Distribution
2. Consumption
3. Production

Resource summary

	Created by PAULA ARCOS REDONDO over 3 years ago