Economics- Economic system

This is just; Needs, wants, goods ,services and the four factors of production

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  • Created by: Hafsa
  • Created on: 28-05-11 17:38

Needs and wants

A Want is a human desire. I.e. A TV, you can live without it but you want it.

A Need is a neccesity. I.e. The five basic needs are; food, drink, warmth, shelter and clothing {in our society}.

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Goods and services

A good is something physical, you can touch it, it is tangible. I.e. A pencil.

A service is something you cant touch, it is intangible. I.e. A haircut.

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Four factors of production

The four factors of production are;

Land: the source of raw materials

Labour: the workers

Enterprise: the entreprenuer, the person making the decision on the production of goods

Capital: the machinery and buildings

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brief but good, thank you xxxxxxx

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