ECON 200 Vocabulary
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Last updated 5:14 AM on 4/7/26
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5 Terms
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production technology
process used to convert inputs (capital and labour) into outputs
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two types of technology in production
labour-intensive technology and capital-intensive technology
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factors of production
inputs used to produce goods and services, including land, labor, capital, and entrepreneurship.
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production function
mathematical relationship showing how inputs are transformed into outputs in production
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