Understanding Economic Activity and Production Factors

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, technical, and financial resources (money and machinery)

What are Economic Agents?

- Elements that convert the factors of production

• People and families
• Companies
• The state

What is the Primary Sector?

- Activities involved in obtaining resources from materials

What are the Secondary and Tertiary Sectors?

- Activities involved in converting raw materials into manufactured products; tertiary includes activities that provide services

What are Economic Systems?

- Ways in which a country produces, organizes, and distributes its material and human resources and economic goods

Explain the Capitalist Economic System

- Based on a free market economy, its rule is the supply and demand between producers and consumers. Capitalism has private ownership without state intervention

In the Current World Economic Blocs, Who are Called Asian Tigers?

- The technological development and growth that led to the emergence of a group of countries called Asian Tigers

Define Supply and Demand

- Supply: Amount of a product that producers offer for sale at a specific price

- Demand: Amount of a product or service that consumers purchase at a specific price

What is Economic Globalization?

- Tendency of markets and companies across the world

What Five Sets Agricultural Production in Spain is Grouped?

- Cereals, fruits, vegetables, and animal feed; fruit trees; grape vines and olive trees; industrial crops

What is Industrial Relocation?

- Some industries have moved from more developed countries to other countries with more liberal laws and lower wages

Energy Classification

- Renewable energy: Less polluting and will have to replace non-renewable energies

- Non-renewables: Come from burning fossil fuels or splitting the uranium atom

Main Spanish Industries

- Agricultural sector and canning industry

- Automotive industry

- Chemical industry

- Textile and footwear industry

- Others

% of Active Population in Spain Occupies the Primary, Secondary, and Tertiary Sectors Respectively

Primary: 4.3% Secondary: 19.2% Tertiary: 76.5%

What is Tourism and Which Regions in Spain Stand Out?

- Movement of people from their place for a limited time

- Catalonia, Balearic Islands, Canary Islands, Madrid, Andalusia, and Valencia

Why is it Important to Preserve Fertile Soil?

- Because agriculture and livestock form the basis of global food supply, and overexploitation can deplete it, leading to serious consequences

What is Sustainable Economic Development?

- Exploits but doesn't deplete renewable resources, preserving natural spaces and their inhabitants