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ss vocab
| Term | Definition |
|---|---|
| capital | machines and/or mental |
| economist | a person that studies economics |
| goods | a tangible product which may be sold to a consumer or anothor industry |
| labor | physical and or mental work |
| producing | the way that societies turn resources into good and services |
| profit | 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 |
| free market economy | the type of economy i which the market determines |
| industrial service | a service performed at the producer level |
| non-renewable resources | natural resources that cannot be replaced after being consumed or those resources which take too long to replace |
| assembly line | a manufacturing process that uses standardized parts for the mass production of goods |
| renewable resources | natural resources which can be replaced after being consumed |
| factors of production | the four factors that maybe combined in many ways to make a profit-natural resources,labor,capital,and other products |
| other products | products that were manufactured somewhere else that use to make other product |
| maximizing profits | making the difference between revenues and costs as large as possible |
| consumer service | a service performed for a customer at the consumer level |
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