Insights on basic economic concepts, practical understanding of economic issues, and unique perspectives on the global economy.
Economic agents, an explanation
What are economic agents? economic agents are actors who intervene in the economy under certain rules determined by the economic system and economic institutions. They make decisions trying to resolve an optimization or choice problem. In this process, they mold…
Goods and services
What are the goods and services? Economic or scarce goods and services are items generated through economic activities in order to meet a need or a desire. They are traded in the market and their prices are determined by supply and demand. Usually to…
What are economic activities?
What is an economic activity? Economic activities are production processes through the use of factors of production create goods and services to meet the needs of individuals in the economy. Sectors of the economy The economic activity of a country…
Tertiary economic activity: definition, background, examples
The tertiary economic activity or sector is the most important in modern economies. It represents more than 60% of PIB in developed countries and employs most of the workforce of the world. What is the tertiary economic activity or sector?…
Secondary sector of the economy: definition, background, examples
The secondary sector of the economy is what most people call the industry. It is a key sector in most of the world economies and it led to important changes in society during the industrial revolution. What is the secondary…
Primary economic activity: definition, background, examples
In economics, human activities are categorized into four sectors or types of economic activities: the primary sector, secondary sector, tertiary sector, and quaternary sector. What are the primary economic activities? Primary activities or primary industries comprise all economic activities based…
Economic systems
What is an economic system? An economic system is a way of producing, consuming, and distributing goods and services. This includes the relationships between different institutions and agents and defines the economic and social structure of a society. Components of…
Economic activities in Mexico
Mexico, with a population of 127,504,125, ranks as the 10th most populous country, just behind the Russian Federation. Located in North America, it covers 1,964,375 square kilometers, ranking 13th in the world, just below Saudi Arabia. Mexico’s economic position in…
