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economics

the production, distribution and consumption of goods and services.

TermDefinition
Capital machines and tools used in production.
economist a person who study's economics.
goods a tangible product which may be sold to a consumer or other industry.
labor physical and/or mental work.
producing the way societies turn resources into goods and services.
profit the difference the revenue that a business generates from its goods.
assembly line a manufacturing process that uses standardized parts for the mass production of goods.
consumer service a service performed for the customer at the consumer level.
factors of production the factors that may be combined in many ways to make a profit- natural resources, laber, capital,and other products.
free market economy the type of economy in which the market determines what goods and services are produced (such as the United States economy).
industrial service a service performed at the producer level.
maximizing profits making the difference between revenues and costs as a large as possible.
other products products that were manufactured somewhere elsethat are used to make other products.
Created by: tstretch
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