set 1 - main economics groups & factors of production

consumer

a person or organisation that buys and uses goods and services to satisfy their needs and wants

producer

a person, company or organisation that makes, grows or supplies goods and/or services

government

the political authority that decides how a country is run and manages the economy

interdependence

the way consumers, producers and government all rely on one another in the economy

factors of production

the four recourses needed to produce good and services: land, labour, capital, enterprise

land

the natural resources used in production, such as raw materials, forests, and minerals

labour

the effort, skill, and time that workers contribute to production

capital

man-made resources used in production, such as machinery, tools and buildings

enterprise

the factor of production that takes the risk of organising the other three factors to produce goods and services

good

a tangible (physical) product that can be seen and touched

service

and intangible product that cannot be seen or touched