Workbook Pages 19 - 23 Follow_up

​The textbook and video mentioned GDP. What is it and why would an economist feel we should pay attention to it?

By MaryBeth Broxterman

​Last year you also learned about per Capita GDP. What is the difference between the 2? Which one gives the best indication of the standard of living?

​The reading and video also mentioned ways to increase PRODUCTIVITY? What is productivity? Why is it important?

​The focus of much of the video was how investments in CAPITAL RESOURCES can lead to increases in PRODUCTIVITY. What did they suggest was key?

​Something mentioned in the reading but not really emphasized in the video as another way to increase productivity is to invest in human resources. What does this mean?

​If we all know that the keys to growing an economy is increasing productivity, and the key to increasing productivity is investing in tools, technology, and training (education), why doesn't everyone just do that?

​No matter how productive a country is it cannot produce everything that citizens want/need. What is a nation to do?

​If trade is so good for a nation, why do we sometimes choose to limit it with things like tariffs, quotas, and embargos?