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Economics
The Production, Distribution,and Consumption of Goods and Services
Term | Definition |
---|---|
Capital | Machines and tools used in producing |
Goods | A tangible product which may be sold to a consumer or another industy |
Labor | Physical and/or mental work |
Producing | The way that societies turn resources into goods and services |
Assembly line | A manufacturing process that uses standardized parts for the mass production of goods |
Consumer service | A service preformed for a customer at the consumer level |
Factors of Production | The four factors of production are- natural resources,labor,capital,and other products |
Industrial service | A service preformed at the producer level |
Other products | Products that were manufactured somewhere else that are used to make other products |