Factors of economic growth

Front

What does Gross Domestic Product mean?

Back

The total value of all goods and services produced within a country in one year.

Front

The___________ a country’s GDP, the better the country’s standard of living.

Back

greater

Front

What are the 4 factors that lead to a country’s economic growth?

Back

investment in human capital, investment in physical capital, land (natural resources), entrepreneurship

Front

What are natural resources?

Back

materials or substances that occur in nature and can be used for economic gain.

Front

What does human capital mean?

Back

the people who perform labor (work)

Front

Why should countries invest in developing human capital?

Back

Investment in the education and skills training of people creates a smarter and more productive workforce, which relates to a higher GDP.

Front

What are capital goods?

Back

the factories, machinery, and technology used to produce goods and services

Front

What do entrepreneurs do?

Back

start their own business, invent something new, or change the way something was previously done so that it works better

Front

What is the term for "the value of the output of all goods and services produced within a country in a year"? Options: human capital, capital goods, entrepreneurship.

Back

gross domestic product

Front

Your friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production?

Back

Capital Resources/Goods