Division of labour: Specialisation of workers into the different productive processes into many separate tasks.
Sectors of an economy: Primary sector (raw materials are extracted or grown), Secondary sector (raw materials are tranformed into goods), Tertiary sector (produces services such as transport, leisure, distribution).
Markets: Exiss for buyers and sellers to exchange goods and services using barter or money.
Economic Actors/Agents: Consumers (want to maximise their own economic welfare or satisfaction when this equals opportunity cost), Workers (wants to maximise earnings in a job), firms (want to maximise profits), governments (want to maximise welfare of citizens).
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