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Consumer
A person or organisation that directly uses a good or service
Producer
A person, company or country that makes, grows or supplies goods and/or services
Government
A political authority that decides how a country is run and manages its operation
Good
A tangible product, i.e. a product that can be seen or touched
Service
An intangible product, i.e. a product that cannot be seen or touched
Production
The total output of goods and services produced by a firm or industry in a time period
Factors of production
The resources in an economy that can be used to make goods and services, e.g. land, labour, capital and enterprise
Land
The factor of production that is concerned with the natural resources of an economy, such as farmland and mineral deposits
Labour
The factor of production that is concerned with the workforce of an economy in terms of both the physical and mental effort involved in production
Capital
The factor of production that relates to the human-made aids to production
Enterprise
The factor of production that takes a risk in organising the other three factors of production. The individual who takes this risk is known as an entrepeneur
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