Economic activity

How does the economic activity satisfy human needs?

Satisfies human needs through goods and services.

What are the stages of economic activity?

Production, distribution, and consumption.

What are the factors of production?

Natural resources, labor, capital, technology, and knowledge.

What services does the primary sector involve?

Involves fishing, forestry, livestock farming, and agriculture.

What services does the secondary sector involve?

Involves mining, industry, construction, and energy.

what services does the tertiary sector involve?

Involves services including retail, healthcare, and education.

What are the 3 economic agents?

The state, companies, and individuals.

What is the economically active population?

Includes people of working age who are either occupied or unemployed.

What are the different types of workers?

Employees (salaries), self-employed, or freelance.

How does unemployment occur?

Occurs when the supply of people available to work exceeds the demand for workers.

What are the employee-employer relationships regulated by?

Regulated by national laws, collective agreements, and employment contracts.

How many people globally live in informal work?

Approximately 2 billion people engage in informal work worldwide.

What is the definition of the communist system?

An economic system is where the state controls all aspects of the economy.

What is an economic system?

It is the way in which goods and services are produced and the way in which profits are distributed

What were the impediments to free trade?

Tariffs, subsidies, limitations on imports, and quality standards.

Which countries were the traditional economic powers?

USA, Japan, and the EU before the 21st century.

What countries are the new world powers?

China and India are considered the new economic powers.

Why were the USA, Japan and the EU the global economic powers?

High-quality education, high technology, and efficient infrastructure.

Which economies are the advanced economies usually based on?

Advanced economies are mainly based on the tertiary sector.

What is considered the engine of the economy?

Engine of the economy is considered through production, distribution, and consumption.

What is the state in the economy?

One of the three main agents of economic activity.

What are the 3 sectors of the economy?

The primary, secondary, and tertiary sectors.

What is the cause of unemployment?

When the supply of workers available is greater than the demand for workers

What does the capitalist state intervention provide?

Social services e.g. health and education

Is capitalism the law of state and demand?

Yes

What are the capitalist state intervention in accounts?

Accounts for 35%-50% GDP

What is the name of the main international forum for economic and financial cooperation?

the G20

Is Spain a permanent guest of the G20?

Yes

What are the affects of globalisation?

It has increased trade and led to offshoring of production and economic growth in the 21st century

The 2 indicators used to measure the value of goods and services are…

supply and demand

Does China and India have an abundant labour force?

Yes