Economics Vocab - Part 2

The amount a company can produce with a certain amount of labor

• Efficiency

• Effectivness

• Productivity

• Performance

The ability of a company, group, or person to focus on a single task

• Diversification

• Generalization

• Multitasking

• Specialization

The separation of a work process into several different jobs

• Collaboration

• Division of Labor

• Unification

• Centralization

Goods that are shipped to another country to be sold there

• Imports

• Exports

• Offshoring

• Insourcing

Goods that are brought from another country to be sold here

• Imports

• Exports

• Outsourcing

• Offshoring

New inventions or ways of doing things

• Experiments

• Tradtions

• Conventions

• Innovations

The extra money a bank pays you because you keep money in their bank

• Commission

• Dividend

• Interest

• Tax

The use of public notices to bring attention to a product or service

• Sales

• Branding

• Advertising

• Taxes

Things that encourage us to take action, such as making a puchase

• Profit

• Interest

• Incentive

• Revenue

A person or company who makes a good or service to sell to others

• Trader

• Producer

• Consumer

• Entrepeneur