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11 Cards in this Set

  • Front
  • Back
Specialization
Doing one kind of work or selling one kind of good
Division of Labor
the division of jobs among workers
Specialize
to do just one kind of work or sell ust one kind of product
Corporation
a group of workers who own a business together
Manufacture
to make goods by hand or by machine
Free Enterprise
an economic system in which people are free to start and run their own business
Scarcity
a situation in which the supple of a product is not enough to meet the demand for it
Production
the process of making goods and services
Distribution
the sending of goods to stores to sell to consumers
Consumer
the using of goods to meet wants and needs
Mass Production

the making of goods in large amounts by machine