Economic Activities of The World
This chapter introduces you to the basic concepts that underlie the study of economics. The four essential economic activities are resource management, the production of goods and services, the distribution of goods and services, and the consumption of goods and services. As you work through this book, you will learn in detail about how economists analyse each of these areas of activity. Objectives After reading and reviewing this chapter, you should be able to:
1. Define the difference between normative and positive questions.
2. Differentiate between intermediate and final goals.
3. Discuss the relationship between economics and well being.
4. Define the four essential economic activities.
5. Illustrate tradeoffs using a production possibilities frontier.
6. Explain the concept of opportunity costs.
7. Summarise the differences between the three spheres of economic activity.
8. Understand what is meant by “economics in context.”
The world economy or global economy is the economy of all humans of the world, referring to the global economic system, which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and services.
Economic Activities of The World
In some contexts, the two terms are distinct “international” or “global economy” being measured separately and distinguished from national economies, while the “world economy” is simply an aggregate of the separate countries’ measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely.
It is inseparable from the geography and ecology of planet Earth.
There are 4 types of activity in a country’s economy: primary, secondary, tertiary and quaternary. The more developed countries are dominated by tertiary and quaternary economic activity, whereas less developed countries are dominated by primary and secondary economic activity.
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