economics paper. 1 definitions

Subdecks (9)

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