What is economic activity?	combination of tasks undertaken by people in order to obtain the goods required to meet their needs	Tasks
the 3 phases of economic activities	Production, Distribution, Consumption	PDC
Difference bt production of goods and provision of services	Goods: physical things Services: non-physical	Touch
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	BFS
Function of public sector	the state and it offers public services, it builds infrastructures and grants subventions to families and businesses	State
Public sector finantion	Natural resources, labour force and capital	NLC
what is capital?	is the combination of non-natural resources needed to produce a good or to provide a service	non-natural
3 kinds of capital and their resources	Physical: Buildings, machinery, technology Human: Formation, experience Financial: bank accounts, stocks, other financial assets	PHF
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	goods
ingredients to produce goods o provide services	Natural resources, labour force and capital	3(NLC)
natural resources meaning	elements provided by nature with an economic use	elements
problems affecting natural resources	exhaustion, overuse and international or narional conflicts to get them	EOI(N)
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	costs
what is the profit ?	is the extra money earned by the ones who produce a good, transport it or sell it	extra
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	Paid
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	Task
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

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