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What is Economic activity?
When people perform tasks to cover their needs, such as food, clothing, services
What are the components of economic activity?
Production, Distribution, Consumption
What is production?
The creation of products
What is distribution?
The transfer of products
What is consumption?
The use and enjoyment of products
What is consumption?
The use and enjoyment of products
True or False: Economic activity is when people perform tasks to cover their needs, such as food, clothing, and services
True
T or F: Distribution is the creation of products
False
T or F: Production is the transfer of products
False
T or F: Consumption is the creation of products
False
True or False: Distribution is the transfer of products
True
What two things performs economic activity?
Companies and Consumers
What produces, distributes, and sells products to make a profit?
Companies
Who are people who buy companies products?
Consumers
What do companies do?
produce, distribute, and sell products for a profit
Who are consumers?
People who buy a companies products
