Understanding Economic Activity and Production Factors
Classified in Geography
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What are Economic Activity?
- It is what is carried out by humans in order to acquire goods to satisfy the material needs of humans
What are Economic Goods and How Can They be Classified?
- Products and services generated by economic activity
- Composition
- Function
- Ownership
What are the Factors of Production?
- The resources that are required for the generation of economic goods
Types and Subtypes of Production Factors
- Natural resources: Resources provided by nature that can be used for production
- Renewable: Resources that will never be wasted
- Particularly renewable: Resources whose waste depends on their use
- Non-renewable: Resources that are always wasted
- Human resources: People who convert natural resources into economic goods
- Capital: Made up of material,... Continue reading "Understanding Economic Activity and Production Factors" »