European Economics, part 3

Front

Which term means the knowledge, skills, and relative health of a nation's labor force?

Back

Human capital

Front

Which term means the estimated total value of all final goods and services produced by a nation in a year's time?

Back

GDP

Front

Which term means the average annual income of citizens in a given nation?

Back

GDP per capita

Front

Which term means the factories, machinery, technology, etc. that are needed to run a service or industry?

Back

Capital goods

Front

Which term means a material on or in the earth that has economic value?

Back

Natural resource

Front

Which term means the percent of a nation's population over the age of 15 who are able to read and write?

Back

Literacy rate

Front

Which term means the level of wealth and material comfort available to a people?

Back

Standard of living

Front

Which term means a person who risks their own money and resources to create a new business or service?

Back

Entrepreneur

Front

The _______ a literacy rate of a country, the _________ the standard of living will be.

Back

Higher ; higher

Front

How can a country increase their GDP? Options: Invest in human capital only, Invest in capital goods only, The country has no control over the GDP, Invest in both human capital and capital goods

Back

Invest in both human capital and capital goods