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is part of the environment that includes all the elements affecting the production, distribution, and consumption of goods and services. Economies have 3 levels
local, national and global |
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conditions that must be sastified by products and services in order for individuals, governments and businesses to survive and function properly.
example: a business needs electricity to produce its products. |
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Are desires for particular products and services.
Wants can change as time goes on.
example: a person wants a convertible car when they are 21 but may want an suv when they are 31 |
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| The study of how societies and individuals allocate limited resources among competing and unlimited wants. |
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| Sector 1 Raw materials, Sector 2 Manufactured goods, Sector 3 Servcies and sector 4 Intellectual property |
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| Raw Materials, Primary Sector |
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foundation of all economies, raw materials such as lumber, land, coal, gas, oil, minerals and basic foods.
agriculture, mining, forestry. |
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| Sector 2 Manufactured Goods, Secondary sector |
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turns raw materials into finished products and makes them available to consumers.
main activies include manufactured goods, processing and construction |
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| Sector3 Services, tertiary sector |
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provides services including retail and wholesale sales , transportation and distribution--- that facilitate the transfer of finished goods to the end users in the economy.
provides services that enhance consumers lives, such as entertainment, media, financial services health care Largest economic sector |
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