economy and economic activity
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ECONOMY AND ECONOMIC ACTIVITYMaría Jesús Campos Fernández. learningfromgeography.wikispaces.com
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Economy and Economics Economy: How a society`s resources are shared, the way
in which goods and services are produced, distributed and consumed.
Economics: Science that studies how a society`s resources are shared, the way in which goods and services are produced, distributed and consumed.
It comes from the Ancient Greek “oikos” which means household, and “nomos” which means rule.
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Economics studies how people and societies make decisions in order to obtain goods and resources.
This decisions are necessary because resources are limited and sometimes even scarce.
Supply
Demand
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The Classical economic analysis assumes that if demand increases faster than supply, the prices will rise and the firms will respond by increasing the supply.
Currently, economists have created a branch called macroeconomics as they find out that when economy affects states or even continents it is not only affected by the supply and demand law.
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Microeconomics: focuses on the economy of individuals, households, small shops…
Macroeconomics: focuses on the economy of an autonomous community, state, a continent…
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Economic
Activity
Economic Goods
Products Services
Factors of Production
Natural Resourc
esHuman
Resources
Capital
Economic Agents
People and Families
Companies
The State
Economic
Sectors
Primary Sector
Secondary Sector
Tertiary Sector
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Economic Goods Products are things we can buy that we can use or
touch (clothes, car, machinery, computers…) Services are things we buy that we can not touch,
is something that someone does for us (a haircut, assistance from a doctor, teach you geography…)
Economic Goods
Composition
Consumable
Capital goods
Function
Intermediate Finished
Ownership
Private Public
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Factors of Production
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Economic Agents
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The Economic Sectors
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Subsistence Economy
Self-consumpti
on
Little mechanisatio
n
Less developed countries
Communist or Planned EconomyPlanned by
the State (collective
benefit)
Centralised
The State owns the means of
production and the
production
Capitalist or Market System
Law of supply and demand
Private property means of
productionFreedom to
work and hire
Little State intervention
The Economic Systems in the World
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