Economics

• a consumer is a person who uses a good or service
• a good is a product e.g car,table,book
• the government is a political group in charge of a country
• a producer/firm is an organisation that supplies goods or services
• a service is a product that cant be touched/taken away e.g hairdresser,flight,advertising agency
• factors of production are the rescoures needed to produce goods-Capital,enterprise,land,labour
• labour is a factor of production in the form of workers
• land is a factor of production in the form of natural resources,e.g farmland or mines
• capital is a factor of production in the form of machinery
• enterprise is a factor of production in the form of ideas and risk taking by individuals
• What are the three distinct ways to evaluate the sustainability of an economic decision?

  • Economic sustainability
  • Social sustainability
  • Environmental sustainability