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8 Cards in this Set
- Front
- Back
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GDP |
The Gross Domestic Product of an economic region is an estimate of the monetary value of all the goods and services produced within the region |
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Goods and Services |
Goods are material objects such as car or food (products we can buy)
Services refers to work that is economically valuable fit does not produce anything tangible (work that is performed for others) |
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Production |
How much an individual, business, country makes
This is referred to as goods or services |
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GDP Estimates |
GDP estimates are calculated regularly by highly specialized government statisticians |
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GDP as an Economic Indicator |
GDP is an important economic indicator. Used by the government, central banks and companies to make decisions and to manage resources |
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4 factors of productions |
LAND natural resources LABOUR Physical and intellectual CAPITAL Tools, machine, factories ENTREPRENEURSHIP Human capital is ideas and innovations |
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Capital Goods Consumer Goods |
Capital goods Are used to make other goods
Consumer goods Final products that are purchased directly by the consumer |
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Specialization |
Dividing productions so that goods are produced efficiently |
