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Economics 8 & 9

Economics

QuestionAnswer
Specialization to divide the labor in specific production processes; to pursue some special line of study
Productivity Measures the amount of goods and services produced from a given amount of productive resources; the production output in relation to a unit of input
Division of Labor a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency.
Efficiency competency in performance; accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort
Productive Resources Means through which goods and services are produced
Output The goods and services that consumers will purchase.
Input Productive resources that are used to make goods & services
Scarcity not having enough resources to satisfy every need
Goods things that you can see and touch; these items result from production
Services activities (product) that are consumed at the same time they are produced
Efficiently performing or functioning in the best possible manner with the least waste of time and effort
Interdependence depending on each other
Physical Capital Tools
Human Capital Skills gained through education and training.
Created by: eramig
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