THE ECONOMIC SYSTEM

The economy is a _____________ in which ________ and __________
are _______, ________ and __________ in order to satisfy people’s
needs.

The economic agents in the economic system are
_____________________, _______________ and _______________.

__________________________
They are the main consumers
They buy goods and services from businesses.
They contribute with their work to the production of the
goods and services they consume.
In returns they earn ______
Pay taxes

___________________________
They produce the goods and services and sell them to
households
They use the work they receive from households during
the production process.
In return they pay wages to the workers.
Pay taxes

_____________________________
Creates the laws that regulate the economy
Laws that protect the environment and consumers.
Laws that protect businesses and workers.

Where do the state incomes come from?
The state incomes come from taxes on households and businesses.

Economic activities provide _____________ or ___________________.

) They are scarce resources and form the building blocks of the economy._____________________ Capital goods: the machinery. minerals..-___________________ Work by people needed for the production of goods and services.( Son los recursos usados para producir bienes y servicios. .( los ingresos obtenidos por los recursos de mano de obra se llaman salarios) The entrepreneur is the person who comes up with an idea for a business 3. water. computers.( Son recursos escasos y forman los componentes básicos de la economía)    ____________________ ____________________ ____________________ 1. air. tools Financial capital: the money invested Technological capital: The technological resources like internet sites or software. plants or animal to produce goods and services.THE FACTORS OF PRODUCTION They are the resources used to produce goods and services. factories. The income earned by labour resources is called wages._________________ The natural resources we get from nature like. 2..

PRIMARY SECTOR Crop _____________ grow corn and sell it.SECONDARY SECTOR Industries buy the corn and heat it to make popcorn They package the popcorn in bags.THE ECONOMIC SECTORS The primary sector obtains________________________________________________ ______________________________________________________________________ _ The secondary sector ____________________________________________________ ______________________________________________________________________ _ The tertiary sector includes________________________________________________ 1. for example. raw materials .TERTIARY SECTOR Boxes are transported to a shop where people can buy them.. SUPPLIERS. 3. 2.. empresas y consumidores) Businesses buy everything they need to suppliers. BUSINESSES AND CONSUMERS (Proveedores..

Only 5% of the population works in this sector. FISHING Fishermen catch the fish we eat in rivers. resin or cork. they sell the product to consumers in a market THE PRIMARY SECTOR Raw materials are the natural resources we get directly from nature that we use to make other goods. . SILVICULTURE Silviculturalist use forests to get products like wood. PEOPLE WHO OBTAIN THESE RAW MATERIALS WORKS IN THE PRIMARY SECTOR. fruits and vegetables LIVESTOCK FARMING Livestock farmers raise cattle (crian Ganado) and other animals to get products like milk or meat. MINING Miners extract minerals like diamonds and iron out of mines and the petrol we use in our cars.The businesses make the product Finally. paper.      CROP FARMING LIVESTOCK FARMING FISHING MINING SILVICULTURE CROP FARMING Crop farmers get grains. seas or oceans.

Livestock farmers raise cattle. Fishing rods are used in river fishing . like vegetables. grapes or olives grow with just rainwater. Irrigated crops. use water from rivers or wells. pigs or chickens mainly for food Fishermen often use nets when sea fishing in the seas and oceans along Spain's coasts Rain-fed crops like grains.