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HUMAN NEEDS AND PRODUCTION, ECONOMIC SYSTEMS, The sectors of economy, The…
- HUMAN NEEDS AND PRODUCTION
1: Economic Agents
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The government: produces and uses goods and services 
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2: Factors of production
Capital
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Financial capital
Money
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Economic activities= meet material needs
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Purchasing Power
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1: Tradition based economic system
In the past, economic systems based on beliefs, customs and laws
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Now a days, we have capitalism
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2: Capitalism and the free market system
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3: Communism
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China, The USSR and North Korea are perfect examples
But in this system everything goes wrong and the prediction processes involve very complicated bureaucracy
4: Mixed economy system
Most first world countries have this system
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