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Economics

The Production, Distribution,and Consumption of Goods and Services

TermDefinition
Capital Machines and tools used in producing
Goods A tangible product which may be sold to a consumer or another industy
Labor Physical and/or mental work
Producing The way that societies turn resources into goods and services
Assembly line A manufacturing process that uses standardized parts for the mass production of goods
Consumer service A service preformed for a customer at the consumer level
Factors of Production The four factors of production are- natural resources,labor,capital,and other products
Industrial service A service preformed at the producer level
Other products Products that were manufactured somewhere else that are used to make other products
Created by: racingbro003
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