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The provision of goods and services to satisfy human wants and needs
What is Production?
The government answers the basic economic questions
What is Command/Controlled Economic System?
The provision of goods and services on a large scale and meant for sale.
What is Indirect Production?
A person specializes in a sub-process of the production of a good or service.
What is Complex Division of Labor?
The provision of goods and services on a small scale and meant for one’s own use only.
What is Direct Production?
Economic questions are answered by individual buyers and sellers.
What is Free-Market Economic System?
The separation of a work process into several tasks, with each task performed by a separate person or group of persons.
What is Division of Labor?
Economic questions are answered by habits and customs (the way it has always been done)
What is Traditional/Subsistence Economic System?
A person specializes in producing a particular product or service.
What is Simple Division of Labor?
The distribution of goods and services to areas where they are needed, with the help of Commerce (Trade and Aids to Trade)
What is Tertiary Production?
The extraction of raw materials the way nature provided them.
What is Primary Production
The way a society provides and distributes goods & services to its citizens
What is Economic Systems?
Any resource used to start business
What is Capital?
Different countries specialize in certain types of products.
What is Regional and International Division of Labour?
The processing of raw materials into finished or semi-finished goods. It involves the manufacturing and construction industry.
What is Secondary Production?