Module 5 Lesson 2 Notes

Front

Gross Domestic Product

Back

The total value of all the final goods and services produced in a country in a single year.

Front

Standard of Living

Back

The quality of life of people in a country.

Front

Market

Back

Free exchange of goods and services between buyers and sellers.

Front

Circular Flow of the Economy

Back

An economic model that shows how goods, services, and money move in an economy.

Front

Factor Market

Back

Where productive resources are bought and sold.

Front

Product Market

Back

Markets where producers offer goods and services for sale.

Front

Productivity

Back

Measure of the output or goods produced based on the input.

Front

Division of Labor

Back

Breaking down a job into several smaller tasks.

Front

Specialization

Back

When a person or business focuses on what they can make better than the others.