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15 Cards in this Set
- Front
- Back
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goods
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tangible products
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services
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work performed for someone else
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factors of production
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resorces needed to produce goods and servies
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capital goods
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tools, machinery, builiding used to make other products
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Gross Domestic product
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total value, in dollars, of all final goods and service produced in a country in 1 year
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factor market
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where productive resources are bought and sold
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product market
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where producers offer goods and services for sale
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productivity
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measure of the amount of output produced by a give amount of inputs in a period of time
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specialization
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people concentrate on goods they are best at
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division of labor
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breaking taskes into seprate tasks
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economic interdependence
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relaince on other to provide goods to be consumed
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technologies
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methods/proccess used to make goods and services
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robotics
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use of comp. robots to do tasks
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automation
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mechanical device that requires no continous input
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law of diminishing return
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when the more you do the less you gain
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