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HUMAN NEEDS AND PRODUCTION, image, image, image - Coggle Diagram
HUMAN NEEDS AND PRODUCTION
Economic Activities
Distribution
Here, they transport the production to the consumer
Consumpition
is based on using the goods and services produced, such as when a household consumes food.
Production
the creation of goods and services
Economic Agents
Businesses
They produce goods and services by employing labour
The goverment
produces and uses goods and services, such as healthcare products to give to public hospitals
Households
meet their needs by using the goods and services offered by businesses and the government.
Factors of Production
Natural resources
Renewable resources
They can be used, that there are never going to finish because it produce faster than we consume
Non-Renewable resources
They regenerate slowly than they are consumed
Are raw materials found in the nature
Capital
Physical Capital
Raw Materials, facilities, tools...
Financial Capital
the money needed to pay for physical capital and human capital.
Human Capital
The labour that workers contribute
Labour
includes both physical and intellectual labour.
he role of labour is to produce goods or provide services to receive financial compensation
