3.2 The Components of an Economic System
3.2.1 Wealth Creation
classical definition of how wealth is created, GDP, property rights
3.2.2 Consumer Spend
how consumers spend their disposable income as customers
3.2.3 Government Spend
the categorisation of how governments spend taxpayers’ money
3.2.4 Taxation
types of tax, their impact on individuals and the overall economy
3.2.5 Labour: Population, Training and Employment
people need jobs and they require the appropriate training
3.2.6 Supplies: Materials, Goods and Services
earth’s resources, the availability of raw materials, shortages
3.2.7 The Financial System
banks, financial services, institutions, interest payment, speculation
3.2.8 Facilities, Infrastructure and Research
capital investment, infrastructure, transport, automation, research