Economics

Capital

• Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
• The organised exchange of goods, services or resources between buyers and sellers.
• The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
• The cost of a good or service we forgo (give up) when we choose another.

Choice

• The ability to combine land, labour and capital resources to create, plan and produce goods and services.
• The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
• When you have to make a decision about selecting between two or more different things
• The ability to combine land, labour and capital resources to create, plan and produce goods and services.

Consumer

• Individuals and businesses involved in the production of goods and services.
• A good or service that is desired but which is not necessary for survival.
• The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
• A person or a group that is the final user of goods and services produced within an economy.

Demand

• All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
• The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
• The cost of a good or service we forgo (give up) when we choose another.
• Used to produce goods and services that satisfy needs and wants. The four factors of production are land, labour, capital and enterprise.

Economy

• The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
• The ability to combine land, labour and capital resources to create, plan and produce goods and services.
• Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
• All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country

Entrepreneurship

• Intangible products (these cannot be touched but we know they exist) provided by people that satisfy society's needs and wants. For example: accountants, cleaners, teachers, bus drivers and doctors.

• The ability to combine land, labour and capital resources to create, plan and produce goods and services.

• The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.

• Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.

Factors of production

• Used to produce goods and services that satisfy needs and wants. The four factors of production are land, labour, capital and enterprise.
• The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
• All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
• Tangible items (physical items than can be touched) that satisfy needs and wants. They can be seen and touched e.g. cars, computers.

Goods

• Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
• The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
• A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
• Tangible items (physical items than can be touched) that satisfy needs and wants. They can be seen and touched e.g. cars, computers.

Labour

• The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
• Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
• Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
• A good or service that is desired but which is not necessary for survival.

Land

• Raw materials supplied from the earth, sea or air. Examples include forests, minerals, water, oil, gas, grain and fish.
• Tangible items (physical items than can be touched) that satisfy needs and wants. They can be seen and touched e.g. cars, computers.
• The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
• Individuals and businesses involved in the production of goods and services.