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T-EPF M1L2 Key Terms
Traditional EPF Module 1 Lesson 2 Key Terms
Term | Definition |
---|---|
Product Market | Where businesses offer goods and services to consumers. |
Households | Represents consumers (people who buy and use goods and services.) |
Government | Collects taxes from households and businesses to provide services to them. |
Factor Market | Where the worker earns money in exchange for labor. Where resources are bought and sold. |
Firms | They sell their goods and services to consumers to make a profit. |
Productivity | The measure of the output or goods produced based on the input. |
Specialization | When a business or country concentrates on making a certain good or service. |
Division of Labor | Breaking down a job into smaller tasks to be performed by different workers. |
Gross Domestic Product | The total value of all final goods and services produced in a country during a single year. |