2-4 GDP
The total market value of all final goods and services an economy produces in a period of time, within a country's borders and measures total economic growth.
What is Gross Domestic Product (GDP)
To use the least amount of inputs to generate the highest amount of outputs is?
What is efficiency
This is the study of how individuals and societies make decisions about resources, production, distribution, exchange, and consumption of goods and services, given unlimited and competing wants, and given the scarcity of resources.
What is economics.
A method used to set a price for a product, with the goal of creating optimum value for both the seller and buyer.
What is pricing.
An economic and totalitarian political system where there is no privately-owned property, where the government owns and controls the production and distribution of goods and services, where there are no classes, and people share equally from the benefits of labor.
When a country's imports exceed its exports.
What is a trade defecit.
Which input, time, capital, equipment or labor is the most important for productivity
What is time. Once it's gone it is gone.
In order to meet the needs of its people, a society must ask What should be produced?, How should it be produced? and what other question?
For Whom is it being produced?
A shop receives the newest car model from a manufacutre with a suggested retail price of $25,000. After negotiations, the car is sold for $20,000. The $20,000 price is know as what?
What is the selling price.
An economic and political system that emphasis economic equality, and collective or public ownership of production.
Where certain part of a country's economic activity go unrecorded and untaxed is a/an.
What is an underground economy
The more the role, the more likelihood the worker becomes an expert, and then can perform better in that role, and therefore will be more productive.
What is specialized
An economic system is necessary because of mutual dependence and what else?
What is scarcity.
What is rational choice theory.
The incentive in a private enterprise system for people to risk capital to start a business in order to earn a profit in return.
What is profit motive.
What is productivity.
For large and small businesses alike what is a critical measure of a company's health?
The four major types of economic systems in the world are centrally planned, mixed, traditional and what else?
What is market.
The difference between the price a store purchases items from a manufacturer for and the sticker price the store sells them to customers for is known as?
What is profit margin.
A market where one company controls the suppy of good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive.
What is a monopoly.
The goods and services that are included in GDP fall into the categories, Private Domestic Investment, Government Spending and Investment, Net Exports and what is the fourth
Some ways to improve productivity include technology and mass production. What is the third way mentioned in the text?
What is specialization and division of labor
An economic system where companies are privately-owned, and that assumes companies are built wiht a purpose of creating economic value through innovation, driven by a profit-motive, and where prices are set by the market via the ebb and flow of supply and demand.
What is capitalism.
What is the first phase of a product life cycle?
What is Introduction.
What is profit.