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Flashcards - WEST Middle Level Humanities: Economic Systems & Components

Flashcards - WEST Middle Level Humanities: Economic Systems & Components
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productivity
Productivity is an average measure of the efficiency of production
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3 cards in set
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productivity
Productivity is an average measure of the efficiency of production
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
Factors of production
In economics, factors of production, resources, or inputs are what is used in the production process to produce output-that is, finished goods and services

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