WIDGET PRODUCTION: Producing More, Using Less
Glossary terms from:
Monetary or non-monetary gain received because of an action taken or a decision made.
Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment. In the context of credit transactions, capital is one of the Three Cs of Credit. It is an indicator of how creditworthy a prospective borrower is likely to be as determined by the borrower's current financial assets and net worth.
Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings.
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
Division of Labor
An arrangement in which workers perform only one step or a few steps in a larger production process (as when working on an assembly line).
The study of how people, firms and societies choose to allocate scarce resources with alternative uses.
The health, education, experience, training, skills and values of people. Also known as human resources.
Someone who creates or devises a new process, application, machine, or article of application.
The purchase of capital goods (including machinery, technology or new buildings) that are used to produce goods and services. In personal finance, the amount of money invested in stocks, bonds, mutual funds and other investment instruments.
The quantity and quality of human effort available to produce goods and services.
The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.
People and firms that use resources to make goods and services.
A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.
The amount of output (goods and services) produced per unit of input (productive resources) used.
The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.
Disposable income (income after taxes) minus consumption spending.
A situation in which people produce a narrower range of goods and services than they consume. Specialization increases productivity; it also requires trade and increases interdependence.
People employed to do work, producing goods and services.