ECONOMIC DEFI - 2 Flashcards
1
Q
Factors of production
A
inputs needed for creating goods/services
2
Q
Land
A
natural resources used to produce goods/ services e.g.oil
3
Q
Labour
A
human resources. workers who use land and other resources to make goods/services
4
Q
Capital
A
resources made by people to produce other goods/services
5
Q
Entreprise
A
entrepreneur who takes a risk and organizes other factors of production.
6
Q
Primary sector
A
part of an economy that involves extracting raw materials
7
Q
Secondary sector
A
part of an economy that involves construction or manufacturing
8
Q
Tertiary sector
A
part of economy that provides a service
9
Q
Trade-off
A
choosing conflicting objectives as you can’t do them at the same time
