Europe Factors of Production

Front

All of the factories, machines, technologies, buildings, and property needed by businesses to operate are called

Back

Capital Goods

Front

What is the relationship between education and training in a country and the country’s gross domestic product (GDP)?

Back

Countries with a high level of education and training have a higher gross domestic product.

Front

If a country does not invest in its human capital, how can it affect the country's gross domestic product?

Back

GDP may go down because poorly trained workers will not be able to do their jobs as well.

Front

A person who comes up with a product or service, and finds the money and time to produce this new product.

Back

Entrepreneur

Front

How do countries benefit from having natural resources?

Back

Countries that have a lot of natural resources are able to use them to produce goods & services at a lower price than those who do not.

Front

Which of these would be an example of investing in capital goods? Options: Upgrading the factories, tools, or technology in your country, Providing better education for your citizens, Exploring for more crude oil in your country, Providing better healthcare for your citizens

Back

Upgrading the factories, tools, or technology in your country

Front

Spending money on education and training is investing in the __________________ of the country.

Back

Human Capital

Front

Has country A or B invested more in human capital?

Back

B

Front

The official measure of the total output of goods and services

Back

Gross Domestic Product

Front

A country focused on producing a limited number of goods is called...

Back

Specialization