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ECON 202
Lecture 7 Vocab
| Term | Definition |
|---|---|
| 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 |
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nomad95
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