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01 HUMAN NEEDS AND PRODUCTION, image, image, image, image, image - Coggle…
01 HUMAN NEEDS AND PRODUCTION
1.Economic activity
Distribution
transporting goods
Consumition
using the goods and services produced
Production
creation of goods
services, such as food produced
3.Factors of production
Natural resources
Renewable resources
They can be consumed being exhausted
Wind
Water
Non-Renewable resources
Regenerate more slowly that they are produced
Oil
Coal
Capital: made up of different elemets
Physical capital
tools
machinery
facilities
Financial capital
money needed to pay for physical capital
human capital
Human capital
The labour that workers contribute
Labour
The role of labour is to produce goods
Wage or salary is the payment
Purchasing power
amount of goods that an amount of money can buy
cost of living
2.Economic agents
Hoseholds
Employ labour.
Give financial renumeration for labour
Produce goods and services
Goverment
Produce and use services
Businesses
Use goods and services
Finance businesses trough spending
Supply labour
