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



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