Show:
Economic Measuring Growth
Standard of Living
Factors Influencing Economic Growth
Productivity and Growth
POT-POURRI
100
What is the dollar amount of real GDP produced on a per person basis ?
real GDP per capita
100
What is the tax that taxes the incomes and properties ?
taxe base
100
What are the resources that can be replenished for future use?
renewable resources
100
What is the amount of output produced per unit of labor input ?
labor productivity
100
What is the difference between GDP and GDP per capita?
GDP is gross domestic product, the total economic output of a country, the amount of money a country makes. GDP per capita is the total output divided by the number of people in the population, so you can get a figure of the average output of each person, (the average amount of money each person makes).
200
How do you measure economic growth ? and what does it stand for?
GDP , Gross Domestic Product
200
How does economic growth benefit a country ?
standard of living , government spending, domestic problems, helping other nations, global role model.
200
What are the factors that influence the economic growth?
Land, Capital, Entrepreneur, Labor
200
What does productivity refer to ?
The efficient use of inputs to create goods and services.
200
What does economic growth raise? (there are four answers)
standard of living ,employment ,tax base, the economies of other nations
300
What is growth triangle?
a table that shows annual compound rates of growth between selective periods of time.
300
What does a free enterprise system allow?
more attention to families, hobbies, and recreational activities.
300
What is the size of the labor force dependent on?
population size
300
If productivity grows , does the entire economy benefit? Yes/No and why?
Yes, it grows because people produce relatively more with the same amount of inputs so prices stay low
300
What is the difference between a "Consumer Good" and a "Capital Good" ?
Consumer Good: are intended for final use by consumer Capital Good: items used in the creation of other goods (factory machinery, trucks, etc.)
400
Which are the statistics about GDP that we hear most often in media?
Changes in real GDP , on a quarterly or annual basis.
400
Based on what do you measure the standard of living?
Based on possessions of necessities and luxuries that make life easier.
400
Why are entrepreneurs important in an economy?
They are willing to innovate and take risks.
400
If productivity falters (breaks) , what happens to the economy? and what happens if you decline labor productivity, which rises the price level?
The economy fails , making foreign-made goods cheaper than goods made at home.
400
How does opportunity cost affect decision making?
The concept of opportunity allows you to manage your resources in the best possible way.
500
If there is a growing population, are there period of more severe or less severe that appear when measured in terms of real GDP?
more severe because real GDP per capita rises slower than real GDP , whenever population is growing.
500
What is the major feature of free enterprise of economy?
the ability to increase real per capita output enough to allow people to raise the standard of living.
500
If you are too poor to save money, how can your income rise?
By investing in capital goods.
500
Why do we measure productivity?
Mesure productivity will help people understand the long term improvements , standards and economic performance of a country
500
What is one way to offset a labor shortage?
to hire workers from other countries.