economics paper. 1 definitions

• consumer


  a person or organisation that directly uses a good or service
• good


  a tangible product
• government


  a political authority that decides how a country is run and manages its operation
• producer


  a person, company or country that makes, grows or supplies goods/services
• service

  an intangible product
• production

  the total output of goods and services produced by a firm or industry in a time period
• factors of production


  the resources in an economy that can be used to make goods and services (CELL)
• labour


  the factor of production concerned with the workforce of an economy
• land


  the factor of production concerned with the natural resources of an economy e.g. farmland/mineral resources
• capital


  the factor of production that relates to the human made aids to production e.g. machinery
• enterprise


  the factor of production that takes a risk (the entrepreneur) in organising the other 3 factors of production
• interdependent


  how factors are reliant on one another