1.1 economics groups and the factor of production Flashcards
1
Q
what role do consumers have in the economy
A
buy goods and services
2
Q
what role does the government have in the economy
A
make and enforce rules
spend money in an economy
policies eg. tax and interest rates
3
Q
what role do producers have in the economy
A
supply goods and services
4
Q
what does interdependence mean
A
each economic group responds to the action of another group
5
Q
what are the factors of production
A
land labour capital enterprise
6
Q
what is land
A
natural resources in an economy
7
Q
what is capital
A
all man-made aids to production
8
Q
what is labour
A
all human resources available in the economy
9
Q
what is enerprise
A
the organisation of the other factors of production to make goods
