Term
| What does Economics study? |
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Definition
| "The social construction of the material side of life." |
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Term
| What's Economics focus on/examine? |
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Definition
| "Focues on the social organization of production and exchange... It examines production as a social process where people work w/ eachother often exchanging or sharing products of their labor. " |
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Term
| What two types of division labor does social production require? |
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Definition
-Detailed Division
-Social Division |
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Term
| Define: detailed division |
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Definition
| Detail division of labor involves breaking up the production process into a set of smaller tasks. |
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Term
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Definition
| Social division: workers specialize in producing particular final products which they then exchange. |
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Term
| Define/give example: Intermediate products |
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Definition
Produced goods used in the futher production of final consumer goods.
ie. steel or plastic used in making cars or cloth used to make dresses. |
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