1.1 Economics 0.0 / 5 ? EconomicsMain Economic GroupsFactors of ProductionGCSEOCR Created by: tsully06Created on: 30-04-21 07:03 A person or organisation who directly uses goods or services. Consumer 1 of 11 A tangible product that can be seen and touched. Good 2 of 11 A political authority that decided how a country is run and manages its operation. Government 3 of 11 A person, company or country that makes, grows or supplies goods and/or services. Producer 4 of 11 An intangible product that cannot be seen or touched. Service 5 of 11 The total output of goods and services by a firm or industry in a given time period. Production 6 of 11 The resources in an economy that can be used to make goods and services, these are land, labour, capital and enterprise. Factors of Production 7 of 11 The natural resources of an economy such as farmland and mineral deposits. Land 8 of 11 The workforce of an economy, in terms of both their physical and mental effort. Labour 9 of 11 Human made aids to production e.g Machinery. Capital 10 of 11 When the factors of production are organised by an entrepreneur to make goods and services. Enterprise 11 of 11
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