E OBJ 4.05 Vocab

Capital goods

• Manufactured or constructed items that are used to produce goods and services

• People who work to produce goods and services

• Items that are found in nature and used to produce goods and services

• Determining how products will be produced and in what amounts

Human resources

• People who work to produce goods and services

• Items that are found in nature and used to produce goods and services

• The goods and services produced as the result of combining inputs

• Determining how products will be produced and in what amounts

Inputs

• The specific economic resources used in producing goods and services

• Items that are found in nature and used to produce goods and services

• The goods and services produced as the result of combining inputs

• Determining how products will be produced and in what amounts

Intangible

• Having no physical presence

• Items that are found in nature and used to produce goods and services

• Determining how products will be produced and in what amounts

• Capable of being touched, smelled, tasted, seen, or heard

Natural resources

• Items that are found in nature and used to produce goods and services

• People who work to produce goods and services

• Having no physical presence

• Determining how products will be produced and in what amounts

Outputs

• Determining how products will be produced and in what amounts

• The goods and services produced as the result of combining inputs

• The way in which production is carried out

• Capable of being touched, smelled, tasted, seen, or heard

Production

• The creation of goods and services from economic resources

• Determining how products will be produced and in what amounts

• The way in which production is carried out

• Capable of being touched, smelled, tasted, seen, or heard

Production planning

• Determining how products will be produced and in what amounts

• The specific economic resources used in producing goods and services

• People who work to produce goods and services

• Manufactured or constructed items that are used to produce goods and services

Production process

• The way in which production is carried out

• Capable of being touched, smelled, tasted, seen, or heard

• Items that are found in nature and used to produce goods and services

• The specific economic resources used in producing goods and services

Tangible

• Capable of being touched, smelled, tasted, seen, or heard

• The creation of goods and services from economic resources

• The goods and services produced as the result of combining inputs

• Items that are found in nature and used to produce goods and services