Main economic groups and factors of production

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