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economics
the production, distribution and consumption of goods and services.
| Term | Definition |
|---|---|
| Capital | machines and tools used in production. |
| economist | a person who study's economics. |
| goods | a tangible product which may be sold to a consumer or other industry. |
| labor | physical and/or mental work. |
| producing | the way societies turn resources into goods and services. |
| profit | the difference the revenue that a business generates from its goods. |
| assembly line | a manufacturing process that uses standardized parts for the mass production of goods. |
| consumer service | a service performed for the customer at the consumer level. |
| factors of production | the factors that may be combined in many ways to make a profit- natural resources, laber, capital,and other products. |
| free market economy | the type of economy in which the market determines what goods and services are produced (such as the United States economy). |
| industrial service | a service performed at the producer level. |
| maximizing profits | making the difference between revenues and costs as a large as possible. |
| other products | products that were manufactured somewhere elsethat are used to make other products. |
Created by:
tstretch
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