Growth in the Economy

What does GDP mean?

• Growth Department Production

• Growth Deepening Product

• Gross Domestic Product

• Government Decreasing Product

How does technology relate to economic growth?

• It allows for a more sufficient production of more and better goods and services.

• When you use your phone, the economy is growing.

• The population grows when another phone is purchased.

• Using the internet to research grows the economy.

When productivity decreases without a decrease in demand, what occurs?

• Prices lower and more people are able to get what they want or need.

• Prices rise and fewer people are able to get what they want or need.

• Prices rise and more people get what they want or need.

• Nothing happens, it stays the same.

How does financial institutions affect households and businesses?

• Makes them go into debt

• It increases on how many people in the household

• It forces many to find alternate financial services.

• it stays the same, it doesn’t affect anyone.

What’s an example of lower living standards?

• Bangladesh because they have huge labor forces but small stocks.

• Mexico because they have no labor forces and no stocks.

• United States because they have small labor forces but big stocks.

• China because they have small labor forces and small stocks.

What happens when population grows while the supply remains the same?

• Amount paid per worker increased

• Amount paid per worker decreased

• Prices decrease

• GDP would multiplied

How does savings and investments relate to economic growth?

• Helps decrease population

• They both involve money

• Helps boost productivity

• Helps lower peoples income

How does trade benefit others economic growth?

• Gives Consumers free gift cards

• Trade decreases goods and services

• Gives consumers a check each month

• Offers consumers more affordable goods and services