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