1
What is the estimated total value of all the goods and services produced in a country in one year?
Gross Domestic Product or GDP
What are capital goods?
Tools, Machinery, Factories, etc. that are used to produce a good or service
What is the definition of Human Capital?
The education, skills, training, knowledge, and health of a nation's labor force.
What does literate mean?
Able to read and write in one's own language
Tour Guide
What is the total value of goods and services divided by the number of people in the country or the average annual income per person in a country called?
GDP Per Capita
If countries invest in Capital Goods, it will make their GDP go ________________.
UP
To spend money with the goal of achieving a profit of putting money into something is called ________
Invest
What are countries called that don't have a good education, healthcare, or technology yet, but are working on it.
3rd World Countries of Developing Countries
What are the 4 Productive Resources?
Capital Goods
Human Capital
Natural Resources
Entrepreneurship
What two European countries have invested in Capital Goods?
United Kingdom and Germany
Countries that have good education, health care, and technology are called ___________________ countries
Industrialized or Developed
The country can use them daily and to make goods and services.
Also they can be sold to make money and countries with lots of natural resources don't have to buy them from other countries.
Create new goods and products
Create MORE Jobs for the economy
Investing in what two things can make a country's GDP go up?
Capital Goods and Human Capital
Someone who takes a risks to start of business is called a _____________________
Entrepreneur
A high literacy rate usually means a ________ standard of living.
A low literacy rate usually means a ___________ standard of living.
High
Low
What is this an example of? The hat company spends $10,000 to update its machines.
Capital Goods
What two European countries have invested in Human Capital?
United Kingdom
Germany
What part of Europe tends to have a hgiher GDP?
Western, Eastern, Northern, or Southern
Western
Country W has out of date factories and broken machines inside those factories. What is one way Country W can invest in Capital Goods?
Spend money to update or build new factories
Spend money to fix machines or buy new ones
What country is the exception to the rule of literacy rate and GDP?
Russia
Sally works at a nail salon. Sally decides she wants to open her own nail salon and be her own boss.
Entrepreneur
Russia wants to make sure that all its citizens are literate, so the open of free schools for all the people in their country.
Human Capital