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