OCR GCSE Economics - 1.1 - Economic Groups & Factors of Prod

What definition is correct for consumers?

• A person or organisation that directly uses a good or service

• Someone who might use a good or service

• A person or group that is interested in using a good or service

What does interdependence mean?

• It is where one or more groups respond to the actions of another group

• It is where one group responds to the actions of another group

• It is where multiple groups respond to the actions of another group

What is meant by the term 'government'?

• A group of people that has the power to run a country

• A group of people who run a country or state

What is a producer?

• They supply goods and services

• They give goods and services

• They buy goods and services from the public

What are the four factors of production?

• Land, capital, needs and wants

• Land, labour, capital and enterprise

• Water, air, food and shelter

• Land, capital, goods and services

Which of these is an example of a service?

• Cereal

• Bus journey

• Table

• Handbags

Which of these is an example of a good?

• Train journey

• Haircut

• Mobile phone

• Education

What does the term 'interdependence' mean?

• Where one group relies on another group

• Where one group creates a relationship with another group

• Where one group responds to the action of another group

What factor of production's function is it to make decisions and take risks?

• Capital

• Enterprise

• Land

• Labour

What is meant by 'labour' in economics?

• Hard physical work used to produce manufactured goods

• Human mental and physical efforts used for producing goods and services

• Natural resources used in the productive process

• Risk taking and organising the factors production