Exploring the Intersection of Needs Production and Economics | Swansea University - Edubirdie

University:
Swansea University
Course:
BUS101 | Introduction to Business Ethics and Values
Academic year:

2020
Views:

258

Pages:

1
Author:

Thomas G.

Lecture Notes Title: "Exploring the Intersection of Needs, Production, and Economics" I. Categorizing Human Needs • Primary Needs: Essential for survival, including food, clothing, and shelter. • Secondary Needs: Varied and influenced by fashion, norms, traditions, technology, and culture. II. Economics of Meeting Needs • Economic activities involve: a) Production: Combining resources (goods and labor) to create products or services. b) Consumption: Using goods and services to fulfill personal or communal primary and secondary needs. III. Significance of Saving • Humans save, preserving goods for future needs, displaying foresight. IV. Diverse Forms of Production • Production includes tangible (e.g., books, machinery) and intangible (e.g., medical visits) realms. • Production can be direct (e.g., farming) or indirect (e.g., distribution and conservation). V. Dynamics of the Production Process • Production requires factors like labor and existing goods (capital). • Final goods may differ from inputs, as in assembled automobiles.

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