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Why economic activity exists

Why economic activity exists

Flow diagram showing households, firms and government linked by factors of production, goods and services, taxation, spending, regulation, and needs and wants Economic activity is the production, distribution and consumption of goods and services to satisfy human needs and wants. Economies exist because people cannot produce everything they want on their own, so resources must be organised.

1.1.2 The nature and purpose of economic activity Lesson

  1. A Level
  2. /Economics
  3. /1.1.2 The nature and purpose of economic activity