What are the three economic agents in economy?
Households, businesses and state
What are the three factors of production?
Natural resources, Labour and capital
What are the three economic sectors
Primary sector, secondary sector, tertiary sector
Explain the Primary sector
We obtain raw materials or natural products
Explain the Secondary Sector
We transform the raw materials into manufactured products
Explain the tertiary sector.
Businesses sell the products and services
How many phases are there in the industrial revolution
3
