different types of economies
Traditional
establishment
land
Natural resource used to make more goods and service
define corporation
small business , doctors , lawyers
what does GDP Measure ?
The Monetary value of final goods and service
how does credit and income affect it?
changes measurement level and credit availability can affect supply and credit
command
production investment price
labor
workforce
define non- profit organization
business not running to make profit , Red Cross, churches , tax exempt
What are some weakness of GDP
the exclusion of non- market transactions
what is a equilibrium price?
the price at which the amount demand equals the amount supplied
mixed
combing private and public
capital
physical tools used or more to buy , capital goods
define government owned
US. Postal service
What is the GDP formula
GDP= private consumption + gross private investment + government
what is a fixed price ?
a price set for a good or a service that is not in the beginning
Market
market two factor supply and demand
enterprise
use land, labor, and capital to meet want of consumers
Define Franchise
individual business that are also port a chain like subway
How does GDP fit with standard living
the standard of living is derived from per capital GDP, determine by GDP and the number of people living in the country
Is demand always high or low
high
what is the difference between traditional and mixed
traditional is not public and mixed is
economic
consumption and product of good and demand
what would be easy to start and end
corporation
Can GDP Improve technology
yes
define free competition
others can state similar business and compete against each other