6th grade Soc Sci Unit 3 Economic Activities part 1 | Baamboozle - Baamboozle

English 22 Public

Economic activity & Types of companies

Study Slideshow

What is economic activity?

People performing tasks to cover their needs, such as food, clothing, services.

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What are the three components of economic activity?

production, consumption, distribution

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What is production?

the creation of products

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What is the transfer of products?

distribution

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What is consumption?

the use and enjoyment of products

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How do companies make a profit?

by producing, distributing and selling products

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What do we call the people who buy products?

consumers

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What are the three types of expenses?

fixed, variable, unexpected

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What do we use to purchase products and goods?

money

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When was the barter system used?

during the Classical Antiquity

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How did the barter system work?

goods were exchanged for other goods without using money

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What are savings?

money that we don’t spend but save for future needs

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What is used to convince us that we need to buy something?

advertising

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What is industry?

companies dedicated to extracting natural resources and transforming them into other products

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What are services?

companies dedicated to providing services to satisfy needs: financial, education, health, transport, etc.

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Which companies are dedicated to purchasing and selling products?

trade

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6th grade Soc Sci Unit 3 Economic Activities par ...