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ECON 202

Lecture 7 Vocab

TermDefinition
goods that beome part of a final good intermediate goods
goods in the process of being created goods-in-process
goods that are used to create other goods; also called fixed capital goods capital goods
any resource used to create a good input
elements and efforts needed to create goods; also called factors of proructin consisting of land, labor, capital, and knowledge resources
the good created and sold output
intermediate goods moving between different stages of production interstage
intermediate goods moving between within a given stage of production intrastage
the accumulation of either intermediat eor final goods inventories
the increasein utility when resources are combined to create a good; t eprocess of creating value value added
the process of consumption; the decrease or elimination of utility when a good is used value lost
the decrease i nutility of a capital good from its continued use and age depreiation
the decrease in utility from the division or extractin of value from a good or resource depletion
supply chain or series of market necesart to create and market a good supply system
wherever consumer buy final foods retail markets
firms that contribute to the supply system but do not sell final goods wholesale trade
resources to intermediate goods to final goods o markets and end user stages or production
basic economic modle that shows each production stage of intermediate and final goods aggregate production structure
when af irm combines with a competitor or another firm who produces similar or complementary goods horizontal integration
when a firm combies with a supplier or a customer vertical integration
producers who sell goods to retail outlets instead of the end customers wholesalers
hiring a producer from outside the firm to complete som epart of th eproductive process outsourcing
hiring a producer form another country to complete some part of the productive process offshoring
focusing only on one part of the productive process and allowing specialists or firms with a comparative advantage to complete the other parts core competency
adding new and often unrelated product lines to smooth output and earnings diversification
Created by: nomad95