3rd Unit: Economic Geography

1. Economic Activities. The capitalist

economy

1. Economy or Economc Acivity

2. Economic System

3. Capitalist Economy

4. Law of Supply and Demand

1.1 Economy or Economc Acivity

Economy = Economic Activity

Definition:

It is the way in which people use their environment to meet their

material needs. It includes production, exchange, distribution, and
consumption of goods and services.

1.2 Economic System

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3rd Unit: Economic Geography

1.3 Capitalist Economy

1.3 Supply and Demand

Supply and demand is an economic model based on price, utility and

quantity in a market.

It concludes that in a competitive market, price will function to

equalize the quantity demanded by consumers, and the quantity
supplied by producers, resulting in an economic equilibrium of price
and quantity.

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3rd Unit: Economic Geography

EXCEPTION
S

2.
Economic Agents

1. Definition and types

2. Private agents: Families
3. Private agents: Companies
4. Public agents: State

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3rd Unit: Economic Geography

2.1 Definition and types

types

2.2 Private Agents: Families

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3rd Unit: Economic Geography

2.3 Private Agents: Companies

Produce goods and Aim: Maximun Profit
services

- Individual

- Society

2.4 Public
Agents:
State

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3rd Unit: Economic Geography

3. Factors of Production
1. Definition
2. Land
3. Labor
4. Capital
5. Entrepreneur

Factors of production is an economic phrase describing resources

(inputs) which are used to produce goods or services. These factors
are also known as productive inputs. The four factors of production
are: land, labor, capital and entrepreneurship.
- Land represents what natural resources are used in the
production of goods.
- Labor refers to the work of laborers on all levels of the
business, other than the entrepreneur.
- Capital is defined as the machinery, tools, and non-consumed
items which are used in the production of the goods.
- The entrepreneur is the one who makes use of the idea in an
attempt to profit by combining all of the aspects of the factors
of production.

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3rd Unit: Economic Geography

4. Labor Market
1. Definition
2. Types
3. Main characteristics of our labor market

1. Definition 2. Types

3. Main characteristics of our labour market

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3rd Unit: Economic Geography

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Bilingual Program