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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