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May 3

Pricing Free market mechanism that exchanges goods and services between buyers and sellers
Imediate Gratification Considering only short-term satisfaction when making a choice
Incentives Encouragement to purchase a good or use a service
Fixed Costs Costs to business that stay the same as productivity changes
Variable Costs Business costs that change as productivity changes
Total Costs Sum of fixed costs and variable costs to a business
Marginal Costs Economic cost of the producins the next unit of a good or service
Assembly Line Method of mass production used in factories
Technologies The application of science, especially to industrial or commercial objectives
Robotics Advanced automation, using robots to perform work
Invention A new, useful process, machine, improvement, that did not exist previously
Innovation Inventions and technological advances that increase economic productivity
Mass Production Making vast quantities of goods by using machiney and the division of labor
Agribuisness Large-scale farming and sale of farm inputs such as seed and fertilizer by large corporations
Business Organizations Four kinds of business enterprises
Specialization The specific task and skills that an individual contributes to the division of labor
Human Capital Skills, taining, and knowledge of workers
White Collar People who typically work for management in offices
Blue Collar People who do jobs that involve manual labor
Skilled Worker A worker who has aquired special skills
Unskilled Workers A worker who does not have special skills
Automation Use of machinery instead of people to perform work
Capital Goods Products used in further production, such as machinery and raw materials
Consumer Goods Goods to satisfy people's wants and needs
Created by: Civics123