A good is a physical product such as a car or a table
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What is a service?
A service is a non-physical item, such as a taxi ride or a haircut
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What is a need?
A need is a good or service that is essential to survival, such as food, shelter, healthcare
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what is a want?
a want is something that is desired but not essential such as new trainers or a videogame
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The Factors of Production
LAND - natural resources such as agriculture, fishing, forestry
LABOUR - the skills available and characteristics of the workforce
CAPITAL - investment in man-made aids to production such as factories and machinery
ENTERPRISE - the risk undertaken by an e
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Opportunity cost
Is the benefit lost of the next best alternative
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business sectors
PRIMARY - involved in making direct use of extracting natural resources, such as mining, fishing, farming
SECONDARY - manufacture or construction of raw materials and turns them into finished goods, such as turning farmed vegetables into soup.
TERTIARY -
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Other cards in this set
Card 2
Front
A service is a non-physical item, such as a taxi ride or a haircut
Back
What is a service?
Card 3
Front
A need is a good or service that is essential to survival, such as food, shelter, healthcare
Back
Card 4
Front
a want is something that is desired but not essential such as new trainers or a videogame
Back
Card 5
Front
LAND - natural resources such as agriculture, fishing, forestry
LABOUR - the skills available and characteristics of the workforce
CAPITAL - investment in man-made aids to production such as factories and machinery
ENTERPRISE - the risk undertaken by an e
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