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HUMAN NEEDS AND PRODUCTION - Coggle Diagram
HUMAN NEEDS AND PRODUCTION
ECONOMIC ACTIVITY
Is to meet human material needs through the production of goods and services
Distribution
transporting goods from the producer to de consumer
Consumption
use the goods and services produced
Production
creation of goods and services, such as food
ECONOMIC AGENTS
Households
meet their needs by using the goods and services by businesses and the government
Businesses
produce goods and services, because needs of households and the goverment
The goverment
produces goods and services for hospitals (private) or for schools (public)
FACTORS OF PRODUCTION
are resources involved in producing goods and services
NATURAL RESOURCES
Non-renewable resources
regenerate more slowly than they are consumed
Renewables resources
consumed without being exhausted
they regenerate faster than they are consumed
Labour
phisical and intelectual labour
role of labour
produce gods for services
payment of employers--> wage or salary
CAPITAL
Is made up of the different elements involved in the production process
phisical capital
raw materials, facilities, tools and machines
financial capital :
money needed to pay phisical and human capital
human capital
labour that workers contribute
