Production
Production2
Goods/Services
Government
Fiscal
100
Use of machinery instead of people to perform work.
AUTOMATION
100
Beliefs about the future; can affect demand for a product.
EXPECTATIONS
100
Term for supply when supply is greater than demand.
SURPLUS
100
Government set minimum price for good or service.
PRICE FLOOR
100
The point at which there is no surplus or shortage.
EQUILIBRIUM PRICE
200
Making vast quantities of goods by using machinery and the division of labor.
MASS PRODUCTION
200
Advanced automation using robots to perform work.
ROBOTICS
200
Goods or services that can be purchased in place of another; trade-off.
SUBSTITUTES
200
Amount of money federal government owes to lenders.
NATIONAL DEBT
200
The extent of which the supply of or the demand for a product does not change when price changes.
INELASTIC
300
Methods or processes used to make goods or services.
TECHNOLOGY
300
Building using mass production techniques such as an assembly line to produce products.
FACTORY
300
Term for supply when demand is greater than supply.
SHORTAGE
300
Government set maximum price for a good or service.
PRICE CEILING
300
Gross domestic product per person in a country.
PER CAPITA GDP
400
Large-scale farming and sale of farm inputs such as seed and fertilizer by large corporations.
AGRIBUSINESS
400
Any advance in technology.
INVENTION
400
Inventions and technological advances that increase economic productivity.
INNOVATION
400
The spending of borrowed money by the government in order to combat recession.
DEFICIT SPENDING
400
Money left over from a sale after the costs of production have been paid.
PROFIT
500
Method of mass production used in factories—division of labor along a preset pattern of production.
ASSEMBLY LINE
500
The degree to which resources are being used efficiently to produce goods and services.
PRODUCTIVITY
500
Goods or services that are normally consumed together.
COMPLEMENTS
500
The way the government spends money and sets taxation policies.
FISCAL POLICY
500
Monthly report on the cost of production for producers.
PPI
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