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Economic activity Economic activity is to acquire products or services -…
Economic activity
Economic activity is to acquire products or services
Factors of Production
This are the requirements to generate goods
Three types
Human resources
Capital
Natural resources
Partially-renewable:
Clean air, drinking water...
Non-renewable:
Fossil fuels and minerals
Renewable:
Solar energy, wind...
Economic agents
They have a rol to convert resources into goods
There are three
Companies
Only generate
Three sizes
Medium-sized
Multinational
Small-sized
Private
The State
Public
Paid with taxes
Offer goods to people
People and families
Small economy
Private
Consumes and generates
Economic sectors
There are three sectors
Secondary sector
It consists on making products for selling
Tertiary sector
It consists on services
Primary sector
It consists on taking the resources from the land and more places
Economic goods
Are products and services generated by Economic activity
They can be classified in three types:
Function
They can be intermediate goods(The wool of a sheep) or finished goods(The shirt made from this wool
Composition
They can be consumable(Pizza) or capital goods(Tools)
Ownership
They can be private (from a family) or public(the state)