OCR GCSE ECONOMICS
(9-1) PAPER 1
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
,Sure! Here are the numbered questions with their answers:
1. **What are the three economic groups?**
Consumers, Producers, Government
2. **What is a consumer?**
People that use goods or services. They are the end users of a product.
3. **What is consumption?**
Spending on goods or services by households. Consumption is the largest proportion of
aggregate demand in the economy.
4. **What is a producer?**
Individuals, groups of individuals or governments that supply goods or services.
5. **What is the government?**
Looks to meet the needs of society.
6. **What is meant by a good?**
A good is a tangible product - it can be seen or touched.
7. **What is meant by a service?**
A service is an intangible product - it cannot be seen or touched.
8. **Explain the interdependence of the economics groups.**
Consumers buy from producers, enabling them to make a profit. Consumers pay taxes to
the government, which helps it provide goods and services. Producers supply goods and
services to consumers, other producers, and the government, employing people who
become their customers. The government spends on goods and services to meet societal
, needs, often buying from producers. All groups rely on each other for resources, income,
and services.
9. **What are factors of production?**
Economic resources used in the production process to add value to factor inputs by
creating factor outputs.
10. **What are the factors of production?**
Land, Labour, Capital, and Enterprise
11. **What is land?**
Natural resources from the earth, sea, and sky, e.g., oil, coal, trees, farmland.
12. **What is labour?**
The available skill of all the workforce in an economy.
13. **What is capital?**
The man-made aids to the production process, e.g., machinery, tools, offices, factories.
14. **What is enterprise?**
The risk taken by an entrepreneur to combine the other factors of production to produce
profitable products.
15. **How are the factors of production combined?**
An entrepreneur decides on the quantities and organizes land, labour, capital, and
enterprise to create outputs.
16. **What is meant by scarce resources?**
When there isn't enough of something to satisfy all wants and needs.
(9-1) PAPER 1
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
,Sure! Here are the numbered questions with their answers:
1. **What are the three economic groups?**
Consumers, Producers, Government
2. **What is a consumer?**
People that use goods or services. They are the end users of a product.
3. **What is consumption?**
Spending on goods or services by households. Consumption is the largest proportion of
aggregate demand in the economy.
4. **What is a producer?**
Individuals, groups of individuals or governments that supply goods or services.
5. **What is the government?**
Looks to meet the needs of society.
6. **What is meant by a good?**
A good is a tangible product - it can be seen or touched.
7. **What is meant by a service?**
A service is an intangible product - it cannot be seen or touched.
8. **Explain the interdependence of the economics groups.**
Consumers buy from producers, enabling them to make a profit. Consumers pay taxes to
the government, which helps it provide goods and services. Producers supply goods and
services to consumers, other producers, and the government, employing people who
become their customers. The government spends on goods and services to meet societal
, needs, often buying from producers. All groups rely on each other for resources, income,
and services.
9. **What are factors of production?**
Economic resources used in the production process to add value to factor inputs by
creating factor outputs.
10. **What are the factors of production?**
Land, Labour, Capital, and Enterprise
11. **What is land?**
Natural resources from the earth, sea, and sky, e.g., oil, coal, trees, farmland.
12. **What is labour?**
The available skill of all the workforce in an economy.
13. **What is capital?**
The man-made aids to the production process, e.g., machinery, tools, offices, factories.
14. **What is enterprise?**
The risk taken by an entrepreneur to combine the other factors of production to produce
profitable products.
15. **How are the factors of production combined?**
An entrepreneur decides on the quantities and organizes land, labour, capital, and
enterprise to create outputs.
16. **What is meant by scarce resources?**
When there isn't enough of something to satisfy all wants and needs.
