Professional Documents
Culture Documents
UNIT 4
VOCABULARY
GLOBALIZATION SUBSISTENCE SYSTEM
CAPITAL CAPITALISM
ECONOMIC ACTIVITIES MONOPOLY
LABOUR UNIONS OLIGOPOLY
ACTIVE POPULATION RESOURCES
READ PAGE
38 KEY
LANGUAGE
ECONOMIC ACTIVITIES
PRODUCTION
All the goods and services created as a It changes over time: own produced
result of an economic activity factories
DISTRIBUTION
CONSUMPTION
All the goods and services that people buy to satisfy their wants and needs
7- New technologies
and online payment. HISTORY OF PAYMENT
The use of various strategies for employing
existing resources optimally so that that a SUSTAINABLE
responsible and beneficial balance can be ECONOMY
achieved over the longer term.
Within a business context, economic
sustainability involves using the assorted assets
of the company efficiently to allow it to continue
functioning profitability over time.
WORKERS
PEOPLE
CONSUMERS PRIVATE AGENTS
Stated-owned
Ownership Sole proprietorships
Privately owned
Limited companies
What makes production possible?
NATURAL RESOURCES
CAPITAL
Physical
human
financial capital
TECHNOLOGY
manual
mechanical
automated methods
WORK
Productivity
RENEWABLE Can be replenished
NATURAL
RESOURCES They could disappear
NON-RENEWABLE
Are limited
CAPITAL
We need to distinguish
EMPLOYED UNEMPLOYED
They are
looking for a http://www.ine.es
job
/infografias/tasase
pa/desktop/index.
html?lang=es
POPULATION AND WORK
HOW IS THE LABOUR MARKET ORGANIZED?
CONTRACT
It is an agreement between employers and employees. It
formalizes working conditions.
Labour conditions.
Wages, duration, vacations
THE STATE
It creates rules and laws regarding employment contracts
should be obeyed.
Labour relations. employers and unions.
The management
CONFEDERATIONS OF
EMPLOYERS
Workers LABOUR
UNIONS
SOCIAL
UNDERGROUND
BEHAVIOR
ECONOMY
CHANGE
The UNDERGROUND ECONOMY (economa sumergida) is business activity that is
unreported or underreported for tax purposes. It can be particularly widespread in
industry sectors where cash transactions are common, such as retail, hospitality, and
construction, including home renovations and so on.
ECONOMIC SYSTEM
Consumption COMMUNISM
CAPITALISM
Subsistence system
Families produce enough to meet their basic needs.
It is found in LEDCs and in past societies (for instance
Europe until industrial revolution)
Barter (non-monetary economy)
Subsistence system
Communist system
Centrally-planned system
State plans and controls the
economy
Capitalist system
Free market.
Trade, industry, and the means of
production are largely privately owned and
operated for profit.
Characteristics:
PRIVATE OWNERSHIP
PROFIT the objective of economy
SUPPLY AND DEMAND regulates by PRICE
FREE COMPETITION
A company controls the productiona
and sale of a product.
MONOPOLY
FREE COMPETITION is
broken in some cases
A situation in which a particular market
is controlled by a small group of firms.
OLIGOPOLY