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HUMAN NEEDS AND PRODUCTION - Coggle Diagram
HUMAN NEEDS AND PRODUCTION
Economic activities
Production (creation of goods and services)
Distribution (transport goods from producer to consumer)
Consumption (use goods and services produced)
Economic agents
Households
Use goods and services by businesses and government.
They also supply labour
Businesses
Employ labour
To produce goods and services
They do this to meet the needs of households and the government
The government
Produces and uses goods and services
Factors of profuction
Labour
Role of labour
Produce goods or provide service for a compesnation
Wage or salary
Payment employees receive for their labour
Capital
Human capital
Labour of workers contribute
Physical capital
Raw materials, facilities, tools and machinery
Financial capital
Money neded to pay for other capitals
Natural resources
Renewable resources
Non-renewable resources