Glossary Category: Basic Economics Ideas - Page 3 - 3auk

private goods

Private goods (economic goods) are defined by two key properties: rivalry and excludability. economic goods that are consumed

Division of labour refers to the separation of a production process into distinct tasks, with each worker assigned

tangible assets that can be used to produce economic value, such as machinery, buildings, and equipment

The factors of production are the essential inputs required to produce goods and services in an economy. They

Specialization refers to the concentration of an individual, firm, or country’s resources and efforts on producing a particular

The entrepreneur plays a central role in modern economies by identifying and exploiting new business opportunities. This involves

the knowledge, skills, and abilities of an individual that can be used to produce economic value. It includes

all factors of production are variable, production is bounded by technology and government rules

Ceteris paribus is a Latin phrase meaning “all other things being equal”. It is used in economics to

all factors of production, technology and government rules are variable; e.g. the ability to change the state of