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Economic resources
Economic activity and productivity
productivity and economy growth
capitalism+free enterprise=economic philosophy
The economy and you
100
(GNP) gross domestic product
What is one way to measure the size of economy?
100
Factor market
Productive resources are bought and sold.
100
A region has a comparative advantage when it comes to producing a good or service.
define specialization
100
The struggle that goes on between buyers and sellers to get the best products at the lowest prices.
Define competition.
100
Bank gets money from lending it to consumer.
What is interest?
200
goods
What are tangible resources like books and automobiles?
200
economic interdependence
When people or groups concentrate on goods or services that they can produce better then anybody else.
200
Division of labor
What is it when tasks are broken down and performed by different workers?
200
level of output. imput/output
what is productivity?
300
Entrepreneurs
Who are individuals who start new businesses, introduce new products, and improve management techniques?
400
Labor
What is the total value, in dollars, of all the final goods and services produced in a country during a single year?
500
Quality
The gross domestic product does not accurately reflect a products improvement in...