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Technology
What is productivity? | |
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What is a craftsman? | A person who does all the work involved in production of a product. |
What is a specialist? | A person who does only a specific job in the production of a product (special job). |
What does the term "technology" mean? | Technology is anything used as a tool (i.e., knife, pencil, computer). |
What is productivity? | Amount of produced products; Output per worker (everything a worker produces in a given time). |
How can technology affect productivity? | Technology can increase productivity.(i.e., more products can be produced faster with the help of machines). |
What is "supply"? | Amount of available products (i.e.,how many bananas in a store). |
What is"demand"? | The amount of supply people want to buy (i.e., how many people want to buy bananas). |
How does the demand of a product affect productivity? | More of the product will be produced. |
How does the supply of product affect its prize? | The more of the same product there is, the lower the prize. The less of a product there is, the higher the prize |
What is human capital (human resources)? | Workers; anyone who produces something. |
What are natural resources? | Anything natural and not produced by humans (i.e., water, air, minerals). |
What are capital resources? | Anything used to produce something to make money (i.e. factories, machines). |
What are consumers? | People who buy things (all of us). |
What are profits for producers? | Money that is is made from selling products. |