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العربية; Azərbaycanca; تۆرکجه; বাংলা; 閩南語 / Bân-lâm-gú; Беларуская (тарашкевіца) Bosanski; الدارجة
Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
Manufacturing is an important activity in promoting economic growth and development. Nations that export manufactured products tend to generate higher marginal GDP growth, which supports higher incomes and therefore marginal tax revenue needed to fund such government expenditures as health care and infrastructure.
Some things are useful, but not scarce enough to have monetary value, such as the Earth's atmosphere, these are referred to as 'free goods'. In normal parlance, "goods" is always a plural word, [5] [6] but economists have long termed a single item of goods "a good". In economics, a bad is the opposite of a good. [7]
A good in economics is any object, service or right that increases utility, directly or indirectly. A good that cannot be used by consumers directly, such as an "office building" or "capital equipment", can also be referred to as a good as an indirect source of utility through resale value or as a source of income.
Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade. According to economic theory , consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of ...
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services.The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation.It is the essence of the secondary sector of the economy.