Economics- Economic system

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}.

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.

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