Standard of Living

Front

________________ is a measure of economic well-being.

Back

standard of living

Front

_______________ includes the health, education, training, and skills of the labor force. Investments in the development of human capital can lead to a more productive labor force that results in growth of real GDP, leading to a higher standard of living for the individual, as well as the nation.

Back

Human capital

Front

_______________ is the ratio of inputs to outputs.

Back

Productivity

Front

By increasing the skills of workers, the labor force is more ____________.

Back

productive

Front

Increases in productivity due to higher health and education levels for a workforce lead to economic growth, which leads to higher overall _______________.

Back

standard of living

Front

Higher skill levels that increase a worker’s productivity can also lead to higher _________.

Back

wages

Front

Investments in equipment and technology leads to increases in the _________ of natural and human resources.

Back

productivity

Front

Both firms and government entities invest in equipment and technology leading to _____________.

Back

economic growth

Front

______________ is when an entity focuses on one production task or the production of one good in order to increase efficiency.

Back

Specialization

Front

Specialization increases ____________ and leads to a greater overall output.

Back

efficiency and productivity