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This term describes the point where supply and demand intersect on a graph.
What is Equilibrium?
The economic process of breaking down production into specialized tasks.
What is Division of Labor?
The total value of goods and services produced by a country in a year.
What is Gross Domestic Product (GDP)?
Technologies that typically increase worker productivity.
What are Automation, Computers, and Advanced Manufacturing Tools?
The skills, knowledge, and experience possessed by workers that contribute to economic productivity.
What is Human Capital?
An equation, graph, or figure showing how some aspect of the economy functions.
What is an Economic Model?
The market where raw materials, labor, and capital are exchanged.
What is the Factor Market?
The percentage of the workforce currently unemployed and seeking work.
What is the Unemployment Rate?
The economic relationship where regions, countries, or individuals depend on each other for goods and services.
What is Economic Interdependence?
The increase in an economy's capacity to produce goods and services over time.
What is Economic Growth?
The measure of output per unit of input, often linked to technological improvements
What is Productivity?
The process of creating value by transforming inputs into outputs.
What is Production?
The market where final consumer goods are bought and sold.
What is the Product Market?
When the quantity of a good supplied exceeds consumer demand at a given price.
What is a Supply Surplus?
The economic principle where higher prices typically lead to increased production.
What is the Law of Supply?
The total economic output divided by the total population.
What is Per Capita GDP?
The percentage of the population living below a specified income threshold.
What is the Poverty Rate?
The loss of potential gain from other alternatives when one alternative is chosen. The
What is opportunity cost.
The total monetary value of all finished goods and services produced within a country's borders in a specific time period, NOT adjusted for relative purchasing power.
What is Nominal GDP?
The economic indicator that adjusts GDP for purchasing power across different countries.
What is GDP (PPP)?