Economic vocab Flashcards
A service performed at the producer level
Industrial service
Physical and/or mental work
Labour
Machines and tool used in producing
Capital
Natural resources that cannot be replaced after being consumed, or those resources which take too long to replace
Non-renewable resources
The way that societies turn resources into goods and services
Producing
A manufacturing process that uses standardized parts for mass production of goods
Assembly line
Natural resources that can be replaced after being consumed
Renewable resources
A person who studies economics
Economist
The four factors that may be combined in many ways to make a profit - natural resource, labour, capital, and other products
Factors of production
The difference between the revenue that a business generates from its goods and/or services and the cost of producing those goods and/or services
Profit
Products that were manufactured somewhere else that are used to make other products
Goods
A tangible product which may be sold to a consumer or another industry
Other products
Making the difference between revenues and costs as large as possible
Maximizing profits
A service performed for a customer at the consumer level
Consumer service
The type of economy in which the market determines what goods and service are produced (such as the United States economy)
Free market economy
