2406020
| Question | Answer |
| Four Factors of production | Land, Labour, Capital, Enterprise |
| Economic Agents | Producers-Maximise Profit-Make goods+services Consumers-Maximise Utility-Buy goods+services Governments-Maximise Returns |
| Market | Where a buyer and seller meet and exchange goods and services in return for other goods and services. The exchange is usually indirect by means of money and is voluntary. |
| Pure Market | Only controlled through the medium of price and the effects of demand and supply. + More choice +Best value=Highest demand -Non-profitable goods not made (merit) -Monopolies |
| Mixed Economy | Private Sector- Privately owned Public Sector- Government Voluntary Sector- Charities |
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