1.1

Question 1

Consumer

Answer 1

a person or organisation that directly uses a good or service

Question 2

Good

Answer 2

a tangible good that can be seen and touched

Question 3

Producer

Answer 3

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

Question 4

Production

Answer 4

the total output of a good or service produced by a firm or industry in a time period

Question 5

Government

Answer 5

a political authority that decides how a government is run and manages its operations

Question 6

Factors of production

Answer 6

the resources in an economy that can be used to make goods and services; these are land, labour, capital and enterprise

Question 7

Land

Answer 7

the natural resources of an economy such as a mineral deposit and farmland

Question 8

Labour

Answer 8

the workforce of an economy in terms of physical and mental effort

Question 9

Capital

Answer 9

human made aids to production like machinery

Question 10

Enterprise

Answer 10

when the factors of production are organised by an entrepreneur to make goods and services

Question 11

Service

Answer 11

an intangible product i.e. a product that cant be seen or touched