Introduction to Economics Key Terms (Micro) Flashcards
Consumer
A person or organisation that directly uses a good or service
Good
A tangible product that can be seen or touched
Government
A political authority that decides how a country is run and manages its operation
Producer
A person, company or country that males, grows or supplies goods and/or services
Service
An intangible product that cannot be seen or touched
Production
The total output of goods and services produced by a firm or industry in a time period
Factors of Production
The resources in an economy that can be used to make goods and services
Land
A factor of production
The natural resources of the economy
Labour
A factor of production
The workforce and the physical and mental effort involved in production
Capital
A factor of production
The human-made aids to production
Enterprise
A factor of production
The risk-taker and organiser of the factors of production
Scarce Resources
When there is an insufficient amount of something to satisfy all wants
Unlimited Wants
The infinite desire for something
Need
Something a consumer has to have to survive
Want
Something a consumer would like to have, but which is not essential for survival
