| A | B |
|---|
| Factory | place of the production of goods |
| Agribusiness | any business that deals with farming or animal husbandry |
| Business Organizations | Chamber of Commerce, Better Business Bureau |
| Specialization | doing one job all the time and becoming an expert in it |
| Human Capital | set of skills which an employee acquires on the job |
| White Collar | non manual labor - management |
| Blue Collar | manual labor |
| Skilled Workers | workers with specific skills & usually getting paid more |
| Unskilled Workers | general laborers with no specific skills |
| Automation | use of robotics and machines in production |
| Consumer goods | goods, such as food and clothing, that satisfy human wants through their direct consumption or use |
| Producer Price Index | keeps track of the changes in wholesale prices of goods |
| Output vs Input | what you put into a good or service versus what comes out |
| Law of Diminishing Return | at some point production of more goods will bring less satisfaction than previous ones |
| Recycling | reusing used products to conserve natural resources |
| Education and training | preparation of doing a task the right way to improve productivity or efficiency |
| Market | to put a good out in the public to sell |
| Laissez-Faire | hands off economic plan for a government - no government regulation |
| Invisible Hand | idea from Adam Smith that consumers should stand freely in a competitive market in pursuit of their own interests |
| Competition | when 2 or more businesses go after the same dollars with the same product or service |
| Cooperation | when 2 or more businesses work together in a market |
| Fiscal Policy | plan of spending and projected money coming into the business |
| Consumer Sovereignty | consumers determine what products are produced |
| Private Property | right to own land, buildings & other commodities - protected by 5th amendment |
| Profit Motive | driving force that encourages people to improve their material well being |
| Exchange | to give in return for something received or a place where things are exchanged |
| Communist Manifesto | book where Karl Marx starts the idea of Communism or where the government owns all means of production |
| Wealth of Nations | book by Adam Smith that describes the Invisible Hand theory |
| Keynesian Theory | government sponsored programs should increase jobs and stimulate business activity |
