What is extraction of raw materials called? Examples are mining, fishing and agriculture.

What is concerned with producing finished goods, e.g. factories making toys, cars, food, and clothes?

What is concerned with offering intangible goods and services to consumers? This includes retail, tourism, banking, entertainment and I.T. services.

What is the total market value of all final goods and services produced annually in an economy?

these make the decision of what to produce, price, and allocate in a market economy.

These make the decision of what to produce, price, and allocate in a command economy.

This is characterized by private ownership of the means of production (for example, farms and factories), and supply and demand are responsible for the price and allocation decisions.

This is characterized by government (or central) control ownership of the means of production, and with a central authority setting prices of goods and services and for most allocation decisions.

This is one which is not yet industrialized.

What does GDP stand for?

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