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Productivity Vocabulary

a data set by cstanton
created November 29, 2016
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FAMILY TREE
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TermDefinition
SpecializationA 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.
ResourcesThe basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship) and capital.
ProductivityThe amount of output (goods and services) produced per unit of input (productive resources) used.
Productive ResourcesNatural resources, human resources, capital resources and entrepreneurship used to make goods and services.
ProductionThe act, process or result of manufacturing or refining something.
LaborThe quantity and quality of human effort available to produce goods and services.
Innovation A new idea or method.
Factors of Production -Productive resources: What is required to produce the goods and services that people want; natural resources, human resources, capital goods and entrepreneurship.
EntrepreneurOne who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.
Division of LaborAn arrangement in which workers perform only one step or a few steps in a larger production process (as when working on an assembly line).
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