Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
414 Cards in this Set
- Front
- Back
natural resources
|
gifts of nature that make production possible
|
|
labor
|
the neighbors work force anyone who produce goods or services
|
|
capital
|
manufactured goods used to make other goods.
|
|
entrepreneurship
|
individuals that start a new business or make a new product
|
|
what does GDP stand for?
|
gross domestic product
|
|
what is GDP?
|
total value of all final goods and services produced in a county.
|
|
what does final good in the definition of GDP?
|
when it's sold to it's user
|
|
GPD is a measure of?
|
• wealth (of a country) •health (of the economy) •standard of living (quality of life)
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what is specialization?
|
business focus on one type of item bc their good at it
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what is specialization?
|
business focus on one type of item bc their good at it
|
|
what is division of labor?
|
breaking down jobs into smaller jobs
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what is specialization?
|
business focus on one type of item bc their good at it
|
|
what is division of labor?
|
breaking down jobs into smaller jobs
|
|
give a specific example of division of labor..
|
assembly line
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what is specialization?
|
business focus on one type of item bc their good at it
|
|
what is division of labor?
|
breaking down jobs into smaller jobs
|
|
give a specific example of division of labor..
|
assembly line
|
|
what is human capital?
|
ppl with skills and knowledge, and experience
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what is specialization?
|
business focus on one type of item bc their good at it
|
|
what is division of labor?
|
breaking down jobs into smaller jobs
|
|
give a specific example of division of labor..
|
assembly line
|
|
what is human capital?
|
ppl with skills and knowledge, and experience
|
|
why would it beneficial for a company to hire a certain type of employee?
|
so they know what their doing
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what is specialization?
|
business focus on one type of item bc their good at it
|
|
what is division of labor?
|
breaking down jobs into smaller jobs
|
|
give a specific example of division of labor..
|
assembly line
|
|
what is human capital?
|
ppl with skills and knowledge, and experience
|
|
why would it beneficial for a company to hire a certain type of employee?
|
so they know what their doing
|
|
what is economic interdependence?
|
rely in others for goods and services
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what is specialization?
|
business focus on one type of item bc their good at it
|
|
what is division of labor?
|
breaking down jobs into smaller jobs
|
|
give a specific example of division of labor..
|
assembly line
|
|
what is human capital?
|
ppl with skills and knowledge, and experience
|
|
why would it beneficial for a company to hire a certain type of employee?
|
so they know what their doing
|
|
what is economic interdependence?
|
rely in others for goods and services
|
|
the economic system of the us is known as capitalism. provide citizens ____ and ____ the factors of production to ______
|
own, use, seek a profit
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|
|
what does standard GDP mean?
|
not adjusted for inflation
|
|
consumers earn money and spend if on ______ and ______ in factor markets
|
goods and services.
|
|
how do ppl in the business sector make money?
|
use money to produce more
|
|
plays a role in ______ decision making
|
economic
|
|
name one way that the government sector regulates goods and services in our economy?
|
produces their own goods and services
|
|
name of example of a good or a service produces by the government..
|
library
|
|
the United States buys and sells with other foreign countries. how does this affect GDP?
|
we don't count the product we don't make.
|
|
economic growth occurs when a nations total output of _____ and _____ increases over time. this increase means that the _______ becomes larger
|
goods, services, circular flow
|
|
why is economic growth important?
|
bc this is the way offices tell if our economy is healthy
|
|
what is productivity?
|
using resources & time wisely
|
|
why would productivity be important to our economic system?
|
you have more efficiency
|
|
what does per Capita GDP mean?
|
GDP divided by the number of ppl
|
|
what is specialization?
|
business focus on one type of item bc their good at it
|
|
what is division of labor?
|
breaking down jobs into smaller jobs
|
|
give a specific example of division of labor..
|
assembly line
|
|
what is human capital?
|
ppl with skills and knowledge, and experience
|
|
why would it beneficial for a company to hire a certain type of employee?
|
so they know what their doing
|
|
what is economic interdependence?
|
rely in others for goods and services
|
|
the economic system of the us is known as capitalism. provide citizens ____ and ____ the factors of production to ______
|
own, use, seek a profit
|
|
the economy of the United States is built largely on free markets and private ownership known as ________
|
capitalism
|
|
What does deal GDP mean?
|
is adjusted for inflation.
|
|
why is GDP a useful measurement?
|
gives us a solid # to use to compare different countries
|
|
how is the term goods related to GDP?
|
added up to calculate the GDP
|
|
how is wealth related to GDP?
|
measures the wealth of a country
|
|
how is quality of life related to GDP?
|
measures the standard of loving or the quality of life
|
|
how is economy related to GDP?
|
shows the health of the economy.
|
|
study these sentences
|
in the study of economics, a market is not necessarily a place. rather, it's is the free and willing exchange of goods and services between buyers and sellers. market may be local, regional, national, or global. there are several major groups of decision makers and the major makers in the market system.
|
|
what is a consumer?
|
buys goods and services for businesses
|