Main economic groups and factors of production Flashcards

1
Q

Consumer

A

A person or organisation that directly uses a good or service

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2
Q

Good

A

A tangible product i.e. something that can be seen or touched

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3
Q

Government

A

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

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4
Q

Producer

A

A person, company, or country that makes, grows, or supplies a good or service

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5
Q

Service

A

An intangible product i.e. something that cannot be seen or touched

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6
Q

Production

A

The total output of goods and services produced by a firm or industry in a period of time

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7
Q

Definition of the Factors of production?

A

The resources in an economy that can be used to make a good or service

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8
Q

What are the factors of production?

A

Land, Labour, Capital, Enterprise

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9
Q

Labour

A

The factor of production that’s concerned with the workforce of an economy in terms of both the physical and mental effort involved in production

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10
Q

Land

A

The factor of production that is concerned with the natural resources of an economy

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11
Q

Capital

A

The factor of production that involves with the human-made aid to production

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12
Q

Enterprise

A

The factor of production that takes a risk in organising the other three factors of production. Someone who does this is called an entrepreneur

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