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