Term
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Definition
- Resources ---> Processes ---> Goods/Services
- Input ---> Production ---> Output
- The portion of economics where the goods/services are established
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Term
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Definition
- The portion of economics where goods/services are used by the consumers
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Term
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Definition
- The inputs for production
- 3 main types:
- Land (natural resources)
- Labor
- Capital (trucks, machines, buildings, roads, etc)
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Term
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Definition
- The end products of the production line that consumers will use/consume
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Term
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Definition
- Temporary goods that are made in a production line to facilitate the production of the finished product
- These goods are USED UP (ex: electricity, pancake batter, etc)
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Term
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Definition
- Goods that are produced to assist in the production of finished products
- These goods are LONG LASTING and can be USED CONTINUOUSLY
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