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9 Cards in this Set
- Front
- Back
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industry
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collection of all firms producing the same product
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division of labor
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as an economy grows & as business firms become larger, process by which factors of production tend to become even more specialized, performing highly specific tasks associated with only 1 small part of the production process
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economies of scale
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characteristic of production in which production costs rise proportionately less than output as production increases, so that costs per unit of output fall
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circular flow of economic activity
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flow of goods & services & factors of production through the product & factor markets of the economy that results from the interaction of individuals & business firms
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circular flow diagram
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graphical representation of circular flow of economic activity through the nation's product & factor markets
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national product
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total dollar value of the flow of economic activity through the product markets of a nation
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national income
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total dollar value of the flow of economic activity through the factor markets of a nation
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imports
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goods & services, & factors of production, purchased from foreign individuals & business firms for domestic use
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exports
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domestically produced goods & services, & factors of production, sold to foreign individuals, businesses, & governments
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