Economics
What is the definition of Gross domestic product?
The market value of all final products produced in a country during a specific time period
What is an entrepreneur?
People who start a new business or purchased an existing business
What is the definition of capital?
all the tools, equipment, and machinery used to produce a product
What is inflation?
a general rise in prices throughout the economy
What is the term called where a person has the willingness to start a new business?
Entrepreneurship
What are capital goods?
all the products used to produce other goods
The rate of change in prices calculated on a monthly or yearly basis?
Inflation Rate
What is scarcity?
demand is higher than available resources
What is productivity?
A measure of a worker's production in a specific time frame
What is an economic system?
an organized way in which a nation chooses to use its resources to create goods and services
What is opportunity cost?
the value of the next best option
What is the labor force?
All the people in a nation who are capable of working and want to work
What are the four components of GDP?
consumer spending, business investment, government spending, net exports
What is a trade-off?
when something is given up in order to gain something else
What are the factors of production?
Land, labor, capital, entreprenuership