PRODUCTION, DISTRIBUTION AND CONSUMPTION OF GOODS AND SERVICES

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The Age of Enlightenment

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Comparison between two major world cities

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Chapter 3 National Income

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The Economy

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PRODUCTION, DISTRIBUTION AND CONSUMPTION OF GOODS AND SERVICES

2 Distribution

Consumer

Client

Retail

Also called retailers, they sell to the final customer.

Wholesaler

They purchase their products directly from manufacturers or agents, sell to retailers or other manufacturers.

Producer

Factory

Consumption

Public

Private

Value of all purchases of goods and services made by family units and private non-profit institutions

Economic system

Market

Promotes the exchange and specification of work

planned

State, who makes the big decisions

primitive

Primary needs such as food

1 Production

Worked

It refers to all the human, physical and mental capacities possessed by workers.

Capital

It refers to all those goods or manufactured articles in which an investment has been made and which contribute to the production