BUS 2-5 Glossary

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Efficiency

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Strives to use the least amount of inputs to generate the highest amount of outputs.

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Gross Domestic Product

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The total market value of all final goods and services an economy produces in a period of time (usually quarterly or yearly), within a country’s borders.

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Input

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Resources used to make goods and services, like raw materials, labor, machinery and tools.

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Mass Production

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Using technology and assembly lines to make large quantities of the same product.

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Output

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The end result of the process that uses inputs to make goods and services.

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Per Capita Gross Domestic Product

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The productivity of a country’s population.

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Production

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The creation of usable goods.

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Productivity

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The amount of goods and services produced (output) per unit of input (labor, capital, and other resources).