Economics Review #1

People losing jobs to machines and technology

When one country can produce more of another product

The incentive to make better products at lower prices in order to receive more profits

Work that is done for someone at a specific price

The benefit you give up in order to pursue an alternative

Sending production to another country to cut production costs and increase profits

The BASIC ECONOMIC PROBLEM of having limited resources but unlimited wants

Products that are made to manufacture other products (TOOLS)

The term for the profits shared by a corporation with its investors

Land, air, materials, water

Nations rely on one another to produce goods and services due to scarcity of resources

The idea that large business is more efficient because it can do things in larger volume

Method of having workers do only part of a product, but do it very effeciently

An advantage of a corporation, placing only the amount of money you have invested at risk

The amount of money a person makes before taxes are subtracted

Disadvantage of sole proprietorship, in which owners are responsible for all problems and loss

The amount of money a person has after all taxes have been subtracted

Things people must have to survive