Buying and selling in a complex world - Different types of goods
6 important questions on Buying and selling in a complex world - Different types of goods
What is the primary sector?
Originally did not need a lot of machinery. Nowadays heavy machinery and will reduce the number of workers in the future. Now 10% of total employment.
What is the secundary sector?
Requires heavy machinery, loads of waste and energy.
20% of the total workforce
What is the tertiary sector?
Focuses on interactions between people rather than the production of goods.
Employes 70% of the total workforce
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What is the quarternary sector?
What are the 4 types of goods?
- Common recources= Non excludable but rival. These products can be used by virtually anyone but the availabilty to other individials is reduced. E.g. Water, fish, timber,..
- Public goods= Non-excludable and non-rival, no one can be prevented from using them. E.g. Fresh air, knowledge, national defense.
- Club goods= Exludable but non-rival. E.g. Cable televison, wireless internet,..
What is the economies of scale?
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