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The Sectors Of The Economy

Primary sector: extracting or harvesting natural resources from the Earth.

Secondary sector: manufacturing (making) products that are ready to be used.

Tertiary sector: providing a service

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MICRO-BUSINESSES (SME) SMALL-BUSINESSES (SME) MEDIUM-SIZED BUSINESSES (SME) LARGE BUSINESSES

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Private sector: all of the households and private businesses in the economy.

Public sector: part of the economy that is controlled by the government. Can also be called government sector or state sector

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Direct taxes:

Income tax: this is the tax that people pay on their wages.

Wealth tax: this is the tax that people on the things that they own.

Company tax: this is the tax that a bisiness pay.

Indirect taxes:

Sales tax or value added tax (VAT): this is the tax on everything that we buy.

Special taxes: these are high taxes on products like fuel, tobacco and alcohol.

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Household: is all of the people who live together. Normally a household is the same as a family.

Businesses: buy and sell

Government: includes central, regional and local government.

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Financial capital: it's the money needed to start and run a business.

Physical capital: they are the physical things needed to make products and run the business.

Human capital: it's the knowledge and skills of employees.

Technological capital: they are the inventions

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Factors of production and types of capital:

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Factors of production and types of capital:

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Natural resources: are things that come from the natural environment

Capital: includes the things that you own, and the things that you know. It is provided by investors.

Labour: is the work that people do. In return for providing labour, people are paid wages or a salary.

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Consumer: Someone who buys or uses a product.

Producer: Someone who makes a product.

Distributor: Someone who delivers the product from the producer to the consumer.

Economics: The study of the economy.

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The economy is all human activities related to the production, distribution and consumption of products. In other words, it is how to make things, how we deliver them to where they are needed, and how we buy and sell them.