Factors of Economic Growth

What is Gross Domestic Product?

• The total value of the current economic market in one year

• The total value of goods exported to another country in one year

• The total value of goods produced and services provided in a county during one year

• The total value of goods and services imported to anther country in one year

What is Capital Goods?

• Goods and tools that are used in producing other goods, rather than being bought by consumers

• Good and tools purchased rather than imported to another country

• Goods and tools manufactured in a country rather than bought by businesses

• Goods and tools shipped globally rather than being exported internationally

What is Human Capital?

• Skills, education, training that a worker possesses in order to produce a good or service

• Skills, labor, training that a worker possesses in order to make a living

• Skills, knowledge, training that a person needs to get a job

• Skills, training, technical education a worker needs to get hired

What is Literacy Rate?

• The number of people in a county over the age of 18 who attended college

• The number of people in a county over the age of 15 who can read and write

• The number of people in a country over the age of 10 who can read and write

• The number of people in a country over the age of 20 who can read and write

What is Standard of Living?

• The degree of wealth and material comfort available to a person or community

• The degree of wealth a person has in the bank

• The degree of wealth a person has in the stock market

• The degree of wealth a person gets that is passed down from generation to generation

What are the four factors of production that influence economic growth within a country?

• Natural Resources

  Human Capital

  Capital Goods

  Entrepreneurship

• Natural Disaster

  Global Warming

  Capital Trade

  Business Ventures

• Gold

  Diamonds

  Oil

  Gas

• Land

  Water

  Air

  Silver

What are Natural Resources?

• Land

  Water

  Sun

  Plants

  Air

• Brick

  Stone

  Aluminum

  Rubber

• Glass

  Plastic

  Cardboard

  Bleach

• Marble

  Granite

  Asphalt

  Tin

Why is Economic Growth important to countries?

• A country is better off if it can use it's own resources to supply the needs of it's people

• A country can buy expensive imports

• A country can export around the world

• A country can get out of debt

What are Entrepreneurs?

• People who sell goods

• People who sell products

• People who provide the money to start and operate a business

• People who play professional business men or women

What are the two characteristics of Entrepreneurship?

• Innovative

  Take Risk

• Scared

  Alone

• Happy

  Cheerful

• Brave

  Noble