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. , 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. , Opportunity Cost - The loss of other alternatives when one alternative is chosen., Scarcity - The demand for a good or service is greater than the availability of the good or service., Limited Resources - The quantities of available labour, capital, land and entrepreneurship used for the production of goods and services are finite., Needs - The things human beings require for survival., Wants - Something that is desired. Luxury items. Not required for survival, Free Goods - A good with zero opportunity costs., Shortages - When the quantity demanded exceeds the quantity supplied., Resource Mobility - The ease of movement of resources between locations and/or between productive activities., Substitutability - The ability to replace one product, technology or service which is insufficient, to another., Mixed Economy - Part of the economy is left to the free market, and part of it is managed by the government., Planned Economy - A government body makes economic decisions regarding the production and distribution of goods., Free Market Economy - No government intervention or regulation. In a purely free market, buyers and sellers arrive at prices based only on supply and demand.,

1. The Economic Problem - Higher Economics

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