Economic Activity
Any activity that contributes to the exchange of goods and services in an economy is considered _________.
Economic Activity
True or False
It provides goods and services for consumption.
True
It includes the delivery and sale of goods and services. It involves the storage, transport, marketing, and sale of goods to the consumer.
Distribution
This is the last phase of economic activity when a product or a service is used to satisfy a need or desire.
Consumption
True or False:
Economic activity is based on the concept that goods and services are produced as quickly and as economically as possible.
True
The production of goods combines the use of________
Natural resources, skills, and labor
How many steps in the sales process?
Two (2)
These are consumed in one or several uses. Examples include water and food
Non-durable
What are the phases in economic activity?
Production, Distribution, and Consumption
They satisfy the desires or needs of the consumer. For example, clothes are consumer goods.
Consumer goods
Big businesses or wholesalers buy a large number of products are sell them to smaller companies
Wholesale
Examples of non-durable
Food and water
It is distributed and sold to the consumers.
Final product
These are the materials or parts that are used to make consumer goods. For example, the flour and the oven used by a baker are both intermediate goods.
Intermediate goods
Retail businesses buy a small number of goods from wholesalers and sell them directly to the public, in shops.
Retail
We use these goods such as cars and electrical appliances, for an extended time.
Durable
It includes everything from farming and manufacturing to buying and selling products, as well as healthcare and education.
It includes healthcare, transport, and information, it requires the creation and organization of hospitals, transport networks, and media channels, respectively.
Provision of services
What are the two steps in the sales process?
Wholesale and Retail
Examples of Durable
Cars and Appliances