1.1 Main economic groups

• What are the resources in an economy used to make goods and services?

  Land, labour, capital, and enterprise
• What does labour refer to in an economy?

  Physical and mental effort in production
• What does land refer to in economic terms?

  Natural resources of an economy
• Give an example of land as a resource.

  Farmland or mineral deposits
• What does capital relate to in production?

  Human-made aids to production
• What is an example of capital?

  Machinery
• What is the role of enterprise in production?

  Organizing the other three factors of production
• Who is known as an entrepreneur?

  An individual who takes risks in enterprise
• What does economic interdependence mean?

  Parties depend on each other for goods