1.1 - MAIN ECONOMIC GROUPS AND FACTORS OF PRODUCTION
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17 Terms
What is a consumer?
A person or organisation that directly uses a good or service
What is a good?
A tangible product
What is the Government?
A political authority that decides how a country is run and manages its operation
What is a producer?
A person, company, or country that makes, grows, or supplies goods/and or services
What is a service?
An intangible product
What is production?
The total output of goods and services produced by a firm or industry in a time period
What is the definition of "The Factors Of Production"?
The recources in an economy that can be used to make goods and services
What are the 4 factors of production?
Land, labor, capital, entreprise
What is 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
What is land?
The factor of production that is concerned with the natural resources of an economy
What is capital?
The factor of production that relates to the human-made aids to production
What is enterprise?
The factor of production that involves taking a risk and organising the other three factors of production
Show the interpendence of the factors of production through how a product is produced?
An entrepreuner bears the risk amd takes forward a business idea
The entrepreuner decides on the quantities of the different factors of production to combine and organises them during production
Goods and services are produced
Note 
Flashcards (421)