Production, Exchange, and Consumption (Grade 10 NSC Matric Economics): Flashcards
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3 basic economic processes
3 basic economic processes
Production, exchange, consumption
Land (factor of production)
Land (factor of production)
Natural resources: minerals, timber, water, fertile soil
Labour (factor of production)
Labour (factor of production)
Human element: workers' skills, knowledge, effort
Capital (factor of production)
Capital (factor of production)
Manufactured resources: buildings, machinery, tools, vehicles
Entrepreneurship (factor)
Entrepreneurship (factor)
Organises land, labour, capital; takes risks for profit
Primary sector
Primary sector
Collects raw materials from nature (mining, farming, fishing)
Secondary sector
Secondary sector
Transforms raw materials into finished products (manufacturing)
Tertiary sector
Tertiary sector
Provides services (banking, education, healthcare)
Formal sector
Formal sector
Registered businesses that pay taxes & follow regulations
Informal sector
Informal sector
Unregistered businesses (street vendors, home-based traders)