Econ Bell Ringer Review

What are the three factors of production?

• Land, labor, and capital

• Land, resources, and water

• Food, water, electricity

• Labor, capital, and money

Which factor do economists use to determine whether a country is rich or poor?

• GDP

• LAPD

• NYPD

• GDP Per Capita

Countries with a _______ standard of living are considered poor.

• High

• Medium

• What?

• Low

Connectivity equals __________.

• Productivity

• Disaster

• Big bags of money

• GDP

What does this picture represent?

• Supply and demand

• PPF Chart

• None of the above

• Absolute advantages

The value of all final goods and services produced within a country's borders in a specific period of time, usually a year.

• GDP

• GDP Per Capita

• Absolute Gross Domestic Prices

• Inflation

Increase in a currency supply relative to the # of people using it, resulting in rising prices of goods and services over time.

• Deflation

• Inflation

• Disinflation

• Gross prices and nominal wages

A decrease in the general price level of goods and services. As prices fall, the value of your money goes up.

• Deflation

• Inflation

• Gross domestic product

• Consumer Price Index

Time period between jobs when searching/transitioning from job to job.

• Structural unemployment

• Cyclical unemployment

• Frictional unemployment

• Discouraged worker

A lack of demand for a worker's specific type of labor.

• Structural unemployment

• Frictional unemployment

• Cyclical unemployment

• None of the above