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Transcript

The economic environment

Massimo Asterini

4. Economic systems

3. Sectors of production

2. Factors of production

1. Production

Index

Production is the business activity of using resources to make goods and provide services.Goods: are physical products.Services: are not - physical products.Goods and services are produced to meet the needs and wants of consumers.Needs: things that are essential for survival.Wants: things that we would like to have.

Production

Factors of production

Enterprisewho invest money and organise production

LabourHuman skill

Capitalthe equipment

Landnatural resources

Sectors of production

Tertiary production

Primary production consist of industries which acquire the raw materials to make other products.

Secondary production

Primary production

Secondary production is the manufacturing or assembly process.

Tertiary production provides services which assist and give commercial, personal and financial support to producers and consumers.

Command economy

Free - market economy

A system that includes features from both the free - market and command systems.
A system in which economic decision about production and price are made by producers and consumers, involving little governament intervention.

Economic systems

A system in which economic decisions about production and price are made by a central authority, such as the governament.

Mixed economy

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