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HUMAN NEEDS AND PRODUCTION - Coggle Diagram
HUMAN NEEDS AND PRODUCTION
Economic activity
distribution
transport goods
consumption
use the goods and serivces
production
create goods and sevices
Economic agents
businesses
employ labour to produce
the government
produces and uses goods and services
collects taxes from households and businesses
households
meet their needs
Factors of production
capital
human capital
labour workers contribute
physical capital
raw materials, facilities...
financial capital
the money needed to pay physical and human capital
natural resources
raw materials found in nature
non-renewable resources
capacity to renew themselves is low
renewable resources
consumed without being exhausted
labour
role of labour: produce goods or provide services to receive financial compensation
physical and intellectual labour
a wage or salary is the payment employees receive
