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5 terms

UNIT 5

UNIT 5 TERMS
STUDY
PLAY
Division of Labor
an automobile assembly line
Productivity
The output of goods that comes from the use of one unit of production in making a product
Production Possibilities
The combinations of goods and services that are chosen
Division of Labor
Division of work into a number of separate tasks to be performed by different workers (Specialization)
Production
The process by which the factors of production are employed to make a product