1.1 Main economic groups and factors of production

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8 Terms

1
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Consumer

A person or organisation that directly uses a good or service

2
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Producer

A person, company or country that makes, grows or supplies goods and/or services

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Government

A political authority that decides how a country is run and manages its operation.

4
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Factors of Production

The resources in an economy that can be used to make goods and services (CELL)

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Labour

The factor of production concerned with the workforce of an economy

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Land

The factor of production concerned with the natural resources of an economy 

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Capital

The factor of production that relates to the human made aids to production.

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Enterprise

The factor of production that takes a risk (the entrepreneur) in organising the other 3 factors of production.