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Economic activity - Coggle Diagram
Economic activity
1.1. Economic goods
Definition
Products
Services
Can be classified by:
Composition
Consumable
Non-durable
Durable
capital goods
Tools
Equipment
Function
Intermediate goods
Wool produed by a sheep
Finished goods
the shirt made from this wool
Ownership
Private
People
Families
Businesses
Public
State
1.2. Factors of production
Definition
Resources
that are required for the generation of economic goods
Three groups:
Human resources
People
exploit
convert natural resources into economic goods
virtue of their labour
Capital
Material resources
Technical resources
Financial resources
Natural resources
Renewable
Solar energy
Wind
Tides
Flowing water
Partially renewable
Clean air
Drinking water
Fertile soil
Plants
Animals
1.3. Economic agents
Definition
Elements
that have a role in converting the factors of production into goods and services
These are:
People and families
Pribate economic agents
Production units
Generating and cosuming goods
Services
Companies
Pribate economic agents
exchange for money
sell them for profit
The state
services to people and companies
financed by collecting taxes from:
Families
Companies
People
1.4. The economic sectors
Three sectors:
Secondary sector
activities involved in converting
Raw materials
Manufactured products
Industry
Building housing and infrastructure
Motorways
Reservoirs
They require a variety of energy sources
Terciary sector
Including lending services
For example:
Education
healthcare
Trade
Tourism
Transport
Primary sector
Raw materials
Livestock
Fishing
Agriculture
Forestry
Mining
These are the oldest economic activities
activities involved in obtaining resources
Economic activity
is carried out by humans in order to acquire goods
Products
Services