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What are consumers?
A person or organisation that directly uses a good or service.
What are producers?
A person, company or country that makes, grows or supplies goods and/or services.
What is a government?
A political authority that decides how a country is run and manages its operation.
What is a good?
A tangible product for example a product that can be seen or touched
What is a service?
An intangible product for example a product that cannot be seen or touched
What is profit?
The amount of money a producer has left after all costs have been paid
What is Land?
The natural resources available for production in an economy
What is capital?
The man-made aids to production in an economy
What is Labour?
The workforce available for production in an economy
What is Enterprise?
The factor of production that involves taking a risk and organising the other three factors of production
