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Unit 1. Human needs and production - Coggle Diagram
Unit 1. Human needs and production
economic activities
distribution
Distribution involves transporting goods from the producer to the consumer, such as the transportation of food from farms to shops.
consumption
Consumption is based on using the goods and services produced, such as when a household consumes food.
production
Production consists of the creation of goods and services, such as food produced by a farmer.
economic agents
Businesses
Businesses employ labour to produce goods and services.
The goverment
The goverment (central government, public sector films, etc.) produces and uses goods and services, such as healthcare products to give to public hospitals
Households
Households meet their needs by using the goods and services offered by businesses and the goverment.
factors of production
Factors of prudction are the resources involved in producing goods and services.
Capital
Capital is made up of the different elements involved in the production process..
Physical capital
Financian capital
Human capital
Labour
Labour is a concept that includes both physical and intellectual labour. Labour can be out using different types of technology, tools and machines.
Natural resources
Natural resources are raw materials found in nature. They are used in the consumption or manufacturing of products, and as energy sources.