Understanding Key Economic Concepts

What is the term for the measure of how efficiently goods are produced?

• Mass Production

• Productivity

• Automation

• Customization

Which process involves manufacturing huge numbers of the same product at a relatively low cost?

• Customization

• Automation

• Mass Production

• Supply Chain

What is the process of building products to meet the specific needs of individual customers or groups of customers called?

• Customization

• Mass Production

• Automation

• Collective Bargaining

What is a tax on imported goods known as?

• Tariff

• Supply Chain

• Productivity

• Automation

What is the term for a negotiating process used by workers and employers to determine employment conditions?

• Automation

• Collective Bargaining

• Customization

• Tariff

What is the sequence of suppliers and processes that result in providing the product to the final customer called?

• Supply Chain

• Mass Production

• Automation

• Customization

What is the automatic operation of machines and processes used to make products known as?

• Customization

• Automation

• Mass Production

• Productivity

What technology embeds tiny mechanical devices, such as sensors or gears, in microchips?

• Nanotechnology

• Micro-Electromechanical Systems (MEMS)

• Automation

• Supply Chain

Which branch of engineering designs and creates machines and materials at the molecular level?

• Automation

• Nanotechnology

• Micro-Electromechanical Systems (MEMS)

• Customization

Which of the following is NOT directly related to the production process?

• Tariff

• Mass Production

• Automation

• Productivity