Economies of Europe

Define Gross Domestic Product

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

• the percent increase in GDP from one year to the next

• A country's GDP divided by its total population

• organization of ideas to start a business

A country's GDP divided by it total population.

• GDP per capita

• Gross Domestic Product

• organization of ideas to start a business

• the percent increase in GDP from one year to the next

Training workers at West Georgia Tech is an example of

• human capital

• capital goods

• entrepreneurship

• natural resources

Ford purchasing foam for seats is an example of

• capital goods

• human capital

• entrepreneurship

• natural resources

Exxon drills oil to refine it to make gasoline. This is an example of

• natural resources

• human capital

• entrepreneurship

• scarcity

Organization of ideas and resources to start a business

• entrepreneurship

• human capital

• capital goods

• raw materials

How does investing in human capital help an economy?

• It increases literacy and allows citizens to work high paying jobs

• it encourages businesses to layoff workers

• It gives the government incentives to give loans to other countries

• It helps to support entrepreneurs.

Which country is closest to a pure market economy?

• UK

• Germany

• Russia

• Switzerland

Which country is closest to a pure command economy?

• Russia

• UK

• Germany

• Netherlands

Jeff Bezos spending his life savings sto start a company called Amazon is an example of

• entrepreneurship

• natural resources

• human capital

• capital goods