1 - Introduction to Economics Flashcards
+Consumer
A person or organisation that directly uses a good or service
Good
A tangible product
Service
An intangible product
Government
A political authority that decides how a country is run and manages its operations
Producer
A person, company or country that makes, grows or supplies goods and/or services
Production
The total output of goods and services produced by a firm or industry in a period of time
Factors of Production
The resources that can be used to make goods and services - land, labour, capital and enterprise
Labour
The factor of production concerned with the workforce of an economy in terms of both the physical and mental effort involved in production
Land
The factor of production concerned with the natural resources of an economy, such as farmland and mineral deposits
Capital
The factor of production concerning the human-made aids to production
Enterprise
The factor of production that takes a risk in organising the other three factors of production. The individual who takes this risk is known as the entrepreneur
Scarce Resources
When there is an insufficient amount of something to satisfy all wants
Economic Problem
How to best use limited resources to satisfy the unlimited wants of people
Economic Sustainability
The best use of resources in order to create responsible development or growth, both now and in the future
Environmental Sustainability
The impact of development or growth where the effect on the environment is small and possible to manage, now and into the future
Economic Choice
An option for the use of selected scarce resources
