- 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
Wednesday 8 March 2017
ECONOMY
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I am glad you keep you blog active with the vocabuñary of the unit.
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