Introduction to Economics Flashcards
1
Q
What is an Economy?
A
Economy- all goods 🚘 & services 🧹 produced in an area
2
Q
What is a Good 🚘?
A
Good- physical product- touched e.g. 🚘
3
Q
What is a Service 🧹?
A
Service- something done for someone else- cannot be touched e.g. 🧹
4
Q
What are the Factors of Production?
A
Capital- things used to make 🚘 and 🧹 e.g. machinery 🏭
Enterprise- willingness of entrepreneurs in business- risks to make a profit 💵
Land- natural resources- oil, forests 🌳 and land itself
Labour- all of the work done ✅- humans 👨 👩 in production 🏭
(CELL)
