Economics

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Capital

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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.

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Choice

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When you have to make a decision about selecting between two or more different things

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Consumer

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A person or a group that is the final user of goods and services produced within an economy.

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Demand

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The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.

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Economy

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All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country

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Entrepreneurship

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

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Factors of production

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Used to produce goods and services that satisfy needs and wants. The four factors of production are land, labour, capital and enterprise.

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Goods

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Tangible items (physical items than can be touched) that satisfy needs and wants. They can be seen and touched e.g. cars, computers.

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Labour

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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.

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Land

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Raw materials supplied from the earth, sea or air. Examples include forests, minerals, water, oil, gas, grain and fish.