Introduction to Economics 1.1 OCR GCSE

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11 Terms

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Consumer

A Person or organization that directly uses a good or service

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Good

A tangible product

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Service

An intangible product

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Producer

A person or company that makes grows or supplies goods or services

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Production

The total output of goods and services produced by a firm or industry in a given period of time

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Government

A political authority that decides how a geographical area is run and manages its operation

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Factors Of Production

Resources in an economy that can be used to produce goods and services

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Land

All natural resources within an economy

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Labour

All human effort in an economy, both mental and physical

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Capital

Man made goods that are used to produce other goods and services

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Enterprise

Risk takers who organise other economic resources to facilitate production