Econ Review- Middle East

What is standard of living?

• Level of education, skills, and knowledge
• Level of poverty, discomfort, lack of material goods, and necessities
• Level of wealth, comfort, material goods, and necessities
• Level of social status and popularity

What are examples of Human Capital?

• Education, training, experience, and creativity
• Social status, popularity, and influence
• Financial assets, property, and investments
• Physical strength, agility, and endurance

What would be a good indicator for standard of living?

• Gross Domestic Product (GDP) per capita
• Literacy rate
• Life expectancy
• Unemployment rate

What would be a good indicator for Human Capital?

• Education level/Literacy Rate

• Annual income
• Years of work experience
• Marital status

Why is education typically better in Urban areas vs rural areas?

• Urban areas have more resources and funding for education.
• Education is not affected by the location.
• Urban areas have less qualified teachers.
• Rural areas have better access to technology for education.

What are Capital Goods?

• Technology, tools and equipment that are used by other businesses or industries to produce consumer goods.

• Goods that are used for personal consumption
• Goods that are used for export purposes only
• Intangible assets used for production

If a country invest in Human Capital and Captial Goods, what is the effect?

• Economic growth and development
• Environmental degradation and resource depletion
• Increased unemployment and poverty
• Decreased productivity and stagnation

What is entrepreneurship?

• The process of managing an existing business
• The process of closing down a business
• The process of designing, launching, and running a new business
• The process of investing in established companies

In a market economic system, who holds the power?

• Individuals and businesses
• Government
• Non-profit organizations
• Labor unions

What are the 3 economic questions all economies must answer?

• What to produce? How to produce? For whom to produce?
• What to sell? How to sell? To whom to sell?
• What to produce? How to produce? Where to produce?

• What to make? How to make? For whom to make?