Economics GCSE (Y10/11)

What does CELL stand for?

Capital, Enterprise, Land, Labour

What does Capital mean?

Goods that are used to produce other goods and services

What does Enterprise mean?

The ideas and the ability to take risks in setting up a business

What does Land mean?

Both the land itself and the natural resources among the land

What does Labour mean?

The human input into the production process

What is an economic agent?

Any individual or group that makes decisions about how to use resources e.g. producing, consuming, saving or investing

What is a producer?

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

What is a resource?

Something used to produce output

What is a need?

Something which is essential for survival

What is a want?

Something which you would like to have but isn’t essential for survival

What is a consumer?

A person or organisation that directly uses a good or service

What are the 3 economic agents?

Consumers, Producers, Government

What is interdepence?

The dependence of 2 or more people on each other

Private sectors are allocated by _____ ________ with the aim of ______ a _______ but public sectors are allocated by ___ ________ with the aim of ______ a _______

Private sectors are allocated by private individuals with the aim of making a profit but public sectors are allocated by the government with the aim of providing a service