Shared Flashcard Set

Details

EPE VOCAB
N/A
6
Economics
Undergraduate 2
09/03/2009

Additional Economics Flashcards

 


 

Cards

Term
Production
Definition
  • Resources ---> Processes ---> Goods/Services
    • Input ---> Production ---> Output
  • The portion of economics where the goods/services are established
Term
Consumption
Definition
  • The portion of economics where goods/services are used by the consumers
    • Market System
Term
Resources
Definition
  • The inputs for production
  • 3 main types:
    • Land (natural resources)
    • Labor
    • Capital (trucks, machines, buildings, roads, etc)
Term
Final Goods/Services
Definition
  • The end products of the production line that consumers will use/consume
Term
Intermediate Goods
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)
Term
Capital Goods
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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