Goods And Services Flashcards
(8 cards)
1
Q
What is production?
A
It is the making or creating of products that satisfy people’s needs and wants.
2
Q
What is the production process?
A
It is the steps used to create a product.
3
Q
What are inputs?
A
They are raw materials needed to create a product.
4
Q
What are outputs?
A
They are the final products of the production process.
5
Q
What does effective mean?
A
It means to produce the intended result exactly the way desired.
6
Q
What does efficient mean?
A
It means to be able to work without wasting time and using time well.
7
Q
What is economic growth?
A
It is an increase in the number of goods and services produced in one year compared to the previous year.
8
Q
What is productivity?
A
It is how well inputs are used in a production process.
