Services: are the activities carried out by humans to benefit society
Products are goods obtained directly from nature or that have been turned into something
Factors of production: are the resources needed for creating economic goods
Economic agents are those elements that have a role in converting the factors of production into goods and services(State,Companies and Peolpe and Families)
Economic activities are grouped into 3 sectors: Primary, Second and Tertiary sector
The current systems:
-Capitalist economy:This is based on a free market economy, freedom to work and hire, private property means of production, and State intervention on a small scale
-Communist economy:The economy is planned and centralised by the state
-Subsistence economy: This is based on production for self-consumption in the poorest and most isolated areas in the world
Factors of production: are the resources needed for creating economic goods
Economic agents are those elements that have a role in converting the factors of production into goods and services(State,Companies and Peolpe and Families)
Economic activities are grouped into 3 sectors: Primary, Second and Tertiary sector
The current systems:
-Capitalist economy:This is based on a free market economy, freedom to work and hire, private property means of production, and State intervention on a small scale
-Communist economy:The economy is planned and centralised by the state
-Subsistence economy: This is based on production for self-consumption in the poorest and most isolated areas in the world
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