Consumer - A person or organisation that directly uses a good or service. , Good - A tangible product i.e. a 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 makes, grows or supplies goods and or/services. , Service - An intangible product i.e. a 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. , Interdependence - The decisions of individual consumers, producers and government are linked together in the choice of how resources are used. , Factors of production - The resources in an economy that can be used to make goods and services, e.g. land, labour, capital and enterprise. , Labour - The factor of production that is concerned with the workforce of an economy in terms of both the physical and mental effort involved in production. , Land - The factor of production that is concerned with the natural resources of an economy, such as farmland and mineral deposits. , Capital - The factor of production that relates to the human-made aids to production. , Enterprise - The factor of production that takes a risk in organising the other factors of production. , Entrepreneur - The individual who takes the risk. ,

Introduction to economics (GCSE)

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