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Human needs and production
Economic activity
Distribution
transports goods
from producer to consumer
Comsuption
usie the goods and services
Production
creation of
services
goods
Economic agents
main economic agents
businesses
employ labour to produce
goods
services
to meet their needs
the goverment
collect taxes to pay public services
households
meets their needs
using the goods and services
offered by bussines or goverment
supply labour when the work for them
Factor of production
resurces involved
producing
services
goods
labour
natural resources
non-renewable resources
regenerate faster than they are consumed
can be consumed without being exausted
renewable resources
regenerate slower than they are exausted
capital
human capital
labour that workers contribute
physical capital
financial capital
the money to pay physical and human capital
