Economic activity
What is economic activity?
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.
Factors of production
Economic agents and economic sectors
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Function
Ownership
Composition
they can be consumable or capital goods
they can be intermediate goods or finished
they can be private or public
The factors of production are the resources that are required for the generation of economic goods
Human resources
Capital
Natural resources
This is material, that are needed to obtain products and provide services
These are people who, that exploit and convert natural resources into economic goods
Non-renewable
Renewable
Partially renewable
solar energy, wind, tides, flowing water
clean air, drinking water
fossil fuel, minerals
Economic agents
Economic sectors
are those elements that have a role in converting the factors of production into goods and services
Companies
The state
People and families
Economic activities are grouped into three sectors: the primary sector, the secondary sector and the tertiary sector.
They are private economic agents that make up small production units
These are also private but do not consume the products or services that they generate
It offers services to people and companies, and is financed by collecting taxes from people, families and companies
Secondary sector
Tertiary sector
Primary sector
activities involved in obtaining resources directly from raw materials
activities involved in converting raw materials into manufactured products or building housing and infrastructure
including lending services