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Technology

What is productivity?
What is a craftsman? A person who does all the work involved in production of a product.
What is a specialist? A person who does only a specific job in the production of a product (special job).
What does the term "technology" mean? Technology is anything used as a tool (i.e., knife, pencil, computer).
What is productivity? Amount of produced products; Output per worker (everything a worker produces in a given time).
How can technology affect productivity? Technology can increase productivity.(i.e., more products can be produced faster with the help of machines).
What is "supply"? Amount of available products (i.e.,how many bananas in a store).
What is"demand"? The amount of supply people want to buy (i.e., how many people want to buy bananas).
How does the demand of a product affect productivity? More of the product will be produced.
How does the supply of product affect its prize? The more of the same product there is, the lower the prize. The less of a product there is, the higher the prize
What is human capital (human resources)? Workers; anyone who produces something.
What are natural resources? Anything natural and not produced by humans (i.e., water, air, minerals).
What are capital resources? Anything used to produce something to make money (i.e. factories, machines).
What are consumers? People who buy things (all of us).
What are profits for producers? Money that is is made from selling products.
Created by: GloriaRosaSelina
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