Category: basic-economic-activities-

1. Introduction There are three important economic activities: These activities are connected to one another. Together, they help an economy work and grow. 2. Production Production means making goods and

1. What Is Capital? Capital means man-made goods used to produce other goods and services. Examples include tools, machines, factories, and equipment. These things help workers do their jobs more

Meaning in Simple Words An economy must decide how to produce goods and services. It must choose the method of production. It can use more workers or more machines. The

Meaning in Simple Words Every economy has limited resources. So, it cannot produce everything people want. It must decide which goods and services to produce and how much to produce.