UNIT 4 : ECONOMY
Economy activity: is what is carried out by humans in order , to acquire goods (products and services)  that satisfy consumer needs. 
Economy goods : are products and services generated vy economic activity.
Products: are goods with obtained directly from nature (wood , fish , fruit...) or which are turned into something  (clothes, machines , books...).
Services : are activities carried out by humans to benefit society (finance , education , transportation , healthcare....)
Composition: they can be consumable (durable consumer goods , such as computers , or non durable , such as pizza  or capital goods (tools , equipament )
Function: they can be intermediate goods (wool produced by a sheep ) or finished goods (the shirt made from this wool) 
Ownership: they can be private (beloging to people , families or businesses , ) or public ( belonging to the state ) 
factor of production : are the rfesources that are required for the generation of economic goods .
Factor of production : are the resources that are required for the generation of economic goods . 
Land : is the enviroment resource.
Rent: payment for the use of the land 
Labor: is the mental and phisical efforts of people applied to the production of goods and services . 
wages : payment  for labor. 
capital: is the money , building and machinery and equipment used to produce goods and services . 
Interest Capitalism:  payment for investing capital , is an economic system used by many nations .
Entrepreneurship: is the risk-taking resource . , are people who combine labor , land and capital resources to start businesses . 
 Profit:  payment for risk-taking or entrepreneurship .
free enterprise:: individuals own businesses to make a profit . 
Profit motive: the possibility of making money , is the main reason people take the risk of starting a business. 
Economic agents: are those elements that have arole in converting the factors of production into goods and services .
 Primary sector : activities involved in obtaining resources directly from raw materials , including agriculture , livestock, fishing , mining , and forestry. 
Secondary sector : activities involved in converting raw matirials into manufactured products(industry) or building housing and infrastructure .
Tertiary sector: ncluding lending  services ( education ,healthcare , transport...) 
capitalist or market economy: this is based on a free market economy , private economy , means of production , freedom to work and hire .
Comunist or planned economy : in this system , the economy is planned and centralised by the state , the production process is controlled and the state is the owner of the means production. 
subsistence economy: this is a system based on production for self - consumption in the poorrest and most  insolated areas in the world.