Define
Economic Activity
Group of tasks carried out to obtain goods to meet peoples needs.
What are the three basic components of economic activity?
Production, distribution and consumption.
How are women discriminated against in the workplace?
Lower pay for the same job and they have to balance work and family.
Name the three most widespread and important economic systems.
Capitalism, socialism and a mix of the two.
A renewable resource
Water
Renewable resources.
Those that can be replenished quickly e.g. water.
What problems do non-renewable resources cause?
Exhausion and overuse/ international conflicts.
How does capitalism cause environmental problems?
It promotes unsustainable growth based on constant increase in production and consumption.
Name a basic principle of the capitalist system.
Private property, freedom of movement of people/goods, free competition between companies or individualism over collectivity.
Physical capital
Facilities and machinery
Economic systems
Different ways of organising and carrying out economic activity.
What are the three types of capital?
Physical, financial and human.
How has mechanised technology affected the work force?
A rise in unemployment
Name a basic principle of the socialist system.
Economic planning, social equality, loss of freedom of decision or collectivism over individuality.
A socialist country
Cuba, Vietnam, Laos or North Korea
Consumption
Purchase or use of goods supplied by production
What economic activities are included in the tertiary sector?
Activities that provide services e.g. transport, tourism, trade, education, health.
How does manual technology work?
People use their own strength and tools to work.
Name the one of the three basic economic problems.
What goods to produce and how many, how to produce them and for who they are produced.
Financial capital
Money and credit
Factors of production.
The basic resources that companies use to carry out their activity.
What problems does unemployment cause for the state?
Reduction of income, increase in spending on benefits and a decrease in consumption and sales.
How do mixed systems work?
They combine the market economy with a greater or lesser intervention of the State in the economy, as is the case of the Welfare State
Name the two of the four basic resources used as factors of production.
Natural resources, capital, technology and work.
Economic activity in the primary sector
Agriculture, forestry, livestock or fishing