Social Studies Chapter 16

Anything that is produced: goods and services.

• Product

• Gross Domestic Product (GDP)

• Entrepreneur

• GDP per capita

The total market value of all final goods and services produced in a country during a single year.

• Product

• Gross Domestic Product (GDP)

• Entrepreneur

• GDP per capita

A risk taking person who starts a new business, introduces a new product, or improves a management technique.

• Product

• Gross Domestic Product (GDP)

• Entrepreneur

• GDP per capita

The Gross Domestic Product (GDP) on a per- person basis; GDP divided by population.

• Product

• Gross Domestic Product (GDP)

• Entrepreneur

• GDP per capita

The material well-being of a of an individual, a group, or a nation as measured by how well its needs and wants are satisfied.

• Standard of living

• Circular flow model

• Factor market

• Product market

A model showing how goods, services and money flow among sectors and markets in the American economy.

• Standard of living

• Circular flow model

• Factor market

• Product market

A market where productive resources are bought and sold.

• Standard of living

• Circular flow model

• Factor market

• Product market

A market where Goods and services are for sale.

• Standard of living

• Circular flow model

• Factor market

• Product market

The increase in a country’s total output of goods and services over time.

• Economic growth

• Productivity

• Specialization

• Division of labor

The degree to which resources are being used efficiently to produce goods and services.

• Economic growth

• Productivity

• Specialization

• Division of labor