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29 Cartas en este set

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What is economic activity?
combination of tasks undertaken by people in order to obtain the goods required to meet their needs
the 3 phases of economic activities
Production, Distribution, Consumption
Difference bt production of goods and provision of services
Goods: physical things
Services: non-physical
Economic sectors
PRIMARY, extraction. Ex agriculture, livestock f, foresty fishing...
SECONDARY,transforming. Ex industry, mining, energy, construction...
TERTIARY, services. Ex transport, tourism, trade, education, health care, banking
Primary, secondary and tertiary
what are economic agents?
subjects responsable for under taking economic activity(people who participate in an economy)
The 3 main economic agents
Businesses, families and states
Function of public sector
the state and it offers public services, it builds infrastructures and grants subventions to families and businesses
Public sector finantion
Natural resources, labour force and capital
what is capital?
is the combination of non-natural resources needed to produce a good or to provide a service
3 kinds of capital and their resources

Physical: Buildings, machinery, technology
Human: Formation, experience
Financial: bank accounts, stocks, other financial assets
Difference bt labour force and human capital
Lf: workers
Hc: Knowledge(formation and experience) those people have
Work and know
what is the production cost?
is the money needed to produce any good
ingredients to produce goods o provide services
Natural resources, labour force and capital
natural resources meaning
elements provided by nature with an economic use
problems affecting natural resources
exhaustion, overuse and international or narional conflicts to get them
in what depends on the production cost?
on the cost of the natural resources, the cost of labour force (salaries) and the cost of the capital
what is the profit ?
is the extra money earned by the ones who produce a good, transport it or sell it
what is a supply curve and a demand curve ?
S: if sellers expect prices will be high, they will produce more goods
D: if buyers consider prices are low they will buy more goods
sellers and buyers
what is inflation
general rise of prices in an economy
what is the active population made up?
is formed by the people who have a paid job and the people who are looking for it
what are economic systems?
different ways to manage an economy
what is economic globalisation? year? changes?
is the growing integration of national economies into a global market, in 1990s
Political changes: the spread of capitalism after the collapse of socialism
Technological changes: Advances in telecommunication and in transport
what are custom tariffs
are taxes added by govermets to increase the price of goods produced abroad. This is carried out to protect their national companies, so they act as economic barriers
custom tariffs consecuences
are harmful for customers in a country, as the have to pay more money for goods.
Beneficial for companies as the have less competition in a certain country, but they are harmful for them if they want to sell their goods abroad
Beneficial for workers bc their companies have less competition and the risk of losing their job is lower

Custom tariff decreased since globalisation. Thanks to that is more international trade nowadays
International organisations
World Trade Organisation: setting the trade rules amlng countries
World bank: technical help and financial help to eliminate extreme poverty in a long-term help
International Monetary fund: Technical and financial help to mantain economoc stability in a short or medium-term
what is G-20 ?
G-20= G-8 + 11 energency countries + EU
is a forum to discuss global economic problems. It is formed by the G8 (the most powerful countries on Earth) 11 outstanding emerging economies and EU
What are emerging economies?
are countries that grew more than the rest since globalisation started
What are the BRICS
Are the main emerging economies. This grupo is formed by Brazil, Russia, India, China and South Africa
What are regional power?
countries with a crear political economic or cultural incluence in their continents or areas. The best strategy to develop their areas is helping them develop first and, as a consequence the surrounding countries will do it too