3º

ESO SUMMARY - TOPIC 1

GLOSSARY

WORD CONCEPT
are the participants in the economic system: families offer labor in
exchange for salaries. The state offers services in exchange for taxes.
Businesses offer goods/services in exchange for money

a quantity of something on hand or available, as for use. Or quantity of
goods that business offer

necessary resources to produce economic goods. The factors of
production are: natural resources; human resources and capital.

An economic system in which the state doesn´t intervene in the

economic activity, allowing the only one group to intervene in the
country´s economy which is the private market.

quantity of goods that people want to buy

The principle in which the price of the economic goods is due
to supply and/or demand for the product. So if there is a large quantity
of products and/or the demand for the product is low, the price of the
good will go down. On the other hand, if the product amount is low
and/or the demand is high, the price will increase. If there is equality
between supply and demand, the product´s price is stable.

An economic system in which the state controlled the factors of

production. Saying what they produce and the price of the economic
goods

each group of economic activities characterized by similar objetives.

There are three types of sectors of economy: primary; secondary and
tertiary.

VOCABULARY
ENGLISH SPANISH
Impuestos
Empresas
Superávit
Disponible
Poder de compra
Bienes
Hogares
Escasez
Estado del bienestar

 Pronóstico
Vientre
Respirar
Distribuidores
Gremios

CONCEPT MAP

WRITING: make a writing in your notebook about….. The Factors of production and the Economic systems.