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Economics
The Production, Distribution,and Consumption of Goods and Services
| Term | Definition |
|---|---|
| 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 |