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Econ. Ch. 10 Vocab.

TermDefinition
financing obtaining funds or money capital for business expansion
cost-benefit analysis a financial process in which a business estimates the cost of any action and compares it with the estimated benefits of that action
revenues total income from sales of output
profits the amount earned after a business subtracts its costs from its revenues
debt financing raising funds for a business through borrowing
short-term financing funds borrowed by a business for any period of time less than a year
intermediate-term financing funds borrowed by a business for 1 to 10 years
long-term financing funds borrowed by a business for a period of more than 10 years or funds raised by issuing stock
production process of changing resources into goods that satisfy the needs and wants of individuals and businesses
consumer goods goods produced for individuals and sold directly to the public to be used as they are
mechanization combined labor of people and machines
assembly line production system in which the good being produced moves on a conveyor belt past workers who perform individual tasks in assembling it
division of labor the breaking down of a job into small tasks performed by different workers
automation production process in which machines do the work and people oversee them
robotics sophisticated, computer-controlled machinery that operates an assembly line
Created by: hcmeek
 

 



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