Soc GIP P3 BM T1 - Unit Exercise 4 (Producers and Consumers)

People who use limited resources to produce goods and services.

• producers

• consumers

• labour

• competition

People who buy goods and services to satisfy their own needs and desires.

• producers

• consumers

• labour

• competition

Factors of production are also known as ________________.

• productive resources

• goods

• services

• supply and demand

The physical area used for the production of goods and services, such as a factory or a farm.

• Land

• Labour

• Capital

• Entrepreneur

The people with the energy and knowledge needed for the production of goods and services, such as engineers and workers.

• Land

• Labour

• Capital

• Entrepreneur

The things created by humans and used for the production of goods and services, such as factory, machinery, and money.

• Land

• Labour

• Capital

• Entrepreneur

The person who uses land, labour and capital to produce goods and services, such as factory, machinery, and money.

• Land

• Labour

• Capital

• Entrepreneur

This refers to the goods and services to be produced as well as the amounts to be produced.

• What to produce?

• How to produce?

• For whom to produce?

• Why to produce?

This refers to the methods to be used to produce goods and services.

• What to produce?

• How to produce?

• For whom to produce?

• Why to produce?

This refers to the customers for whose use the goods and services are produced.

• What to produce?

• How to produce?

• For whom to produce?

• Why to produce?