business activity

• consumer behaviour is the study of how people make decisions about what to buy and how to use the products they buy
• changes in consumer behaviour can be due to: changes in income changes in tastes changes in technology changes in legislation
• differences between private and public sector: private sector is more flexible and can be more innovative while public sector is more regulated
• free market economy is a system where the government does not interfere with the economy
• command economy is when the state controls all economic activities, including production and distribution
• mixed economy is an economy that has elements of both free markets and command economies