Wednesday 8 March 2017

ECONOMY


  • Economic activity : is what is carried out by humans in order to acquire goods that satisfy consumer needs.
  • Economic goods :products and services generated by economic activity 
  • Products :goods wich are obtanied directly from nature or wich are turned into something 
  • Services :activities carried out by humans to benefit society 
  • Factors of production : the resources that are requiered for the generation of economic goods. 
  • Land :the enviromental resource 
  • Rent : payment for the use of the land 
  • Labour : mental and physical efforts of people applied to the production of goods and services .
  • Wages : payment for labor 
  • Capital : is the money, buldings, and machinery nd equipment used to produce goods and services .
  • Entrepreneurship : is the risk-taking resource.
  • Profit motive : possibility of making money 
  • Economic agents :those elements that have a role in converting the factors of production into goods and servicies
  • Primary sector : activities involved in obtaining resources directly from raw materials , including agriculture, livestock, fishing,forestry and mining 
  • secondary sector: activities involved in conveting raw materials into manufactured products (industry) or building houses and infrastructure.
  • tertiary sector : activities that provide services 
  • Economic system : the way a country organises, produces . disributes and administers its material and human resources and the economic goods that these generate , in order to provide for high level of well-being 
  • Price : cost of a product or services 
  • resources : thing a person or country has that can be used or economic benefit 
  • supply :goods and services that are available for sale 
  • economic policy : action that goverment take to organize the economy 
  • consumer :person who uses goods or services 
  • profit : difference between what it cost to mak something or provide service what it is sold for 

1 comment:

  1. I am glad you keep you blog active with the vocabuñary of the unit.

    ReplyDelete