Factors of Economic Growth

What does GDP stand for?

• gross domestic product

• general domestic product

• gross domestic percentage

• general domestic percentage

What is GDP?

• the total value of all imports and exports sold and bought in one year

• the total value of all tariffs, quotas, and embargoes used in one year

• the total value of all goods and services produced in a country in one year

What 2 things can GDP tell you?

• if a country's economy is growing or shrinking

• if a country is rich or poor

• what natural resources a country has

• what a country specializes in

What is GDP per capita?

• a country's GDP divided by its imports and exports

• a country's GDP divided by its total population

• a country's GDP divided by its goods and services

What is literacy rate?

• percentage of people that can read

• percentage of people that can write

• percentage of people that can read and write

What is standard of living?

• the level of wealth (money) and material comfort (things) available to people in a country

• the percent of people who can read and write

Countries with a high GDP Per Capita usually have a...

• high literacy rate and high standard of living

• low literacy rate and low standard of living

Countries with a low GDP Per Capita usually have a...

• high literacy rate and high standard of living

• low literacy rate and low standard of living

What are the FOUR (4) factors of economic growth?

• human capital

• capital goods

• natural resources

• entrepreneurship

• gross domestic product

What is human capital?

• workers and their skills, talents, and education

• factories, machines, and technology

• raw materials from the Earth

• people who start their own businesses