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10 Cards in this Set
- Front
- Back
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Standard of living |
a measure of the quantity of goods and services available. |
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Economies of scale |
reduced unit costs achieved in large factories. |
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Division of labor |
large tasks are broken down into a series of small ones. |
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Gross domestic product |
value of final goods and services produced in a given period of time. |
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Investment |
business spending for facilities and equipment. |
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Diminishing returns |
point reached at which additional inputs result in lower additional output. |
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Infrastructure |
highways, airports, and other facilities. |
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Production |
Creation of goods and services. |
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Productivity |
Output per unit of input. |
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Technology |
Application of science to commerce and industry. |
