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T-EPF M1L2 Key Terms

Traditional EPF Module 1 Lesson 2 Key Terms

TermDefinition
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.
Created by: dmcsorley13
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