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15 Cards in this Set

  • Front
  • Back
the dollar value of gdp divided by total population; average gdp
per capita gdp
an increase in output: an expansion of production possibilities.
economic growth
expenditures on new plant, equipment, and structures in a given time period, plus changes in business inventories.
payments to individuals for which no current goods or services are exchanged, such as, social security, welfare, unemployment benefits.
income transfers
goods and services sold to foreign buyers
goods and services purchased from forein sources.
the value of exports minus the value of imports
net exports
the ability of a country to produce a specific good at a lower opportunity cost than its trading partners.
comparative advantage
resource inputs used to produce goods and services such as land, labor, capital, entrepreneurship
factors of production
output per unit of input, such as output per labor hour.
production processes that use a high ratio of capital to labor inputs
capital intensive
the knowledge and skills posessed by the work force
human capital
costs of a market activitey borne by a third party
a firm that produces the entire market supply of a particular good or service
one fifth of the population, ranked ordered by income
income quintile