the economy

THE ECONOMY

Is the responsable for the administration or use of resources which satisfy needs and wants of individuals and groups.
people to satisfy their needs and wants produce economic goods that can be: products or services

- products: are material objects such as food movile phones etc...
- services: work that is done for someone which doesn't `produce a material product such as transport education etc...

economic goods are limited and you can buy and sell them. That is why they have a Price.
to`produce this economic goods we need several resources called factors of production thet can be of different types:
natural resorces like the earth wáter plants etc...
human resources that is the people and their labour.

capital resources: money, infrastructure, machinery and equipment.