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ss vocab

TermDefinition
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
Created by: 900314