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Econ251

Macro economics chpt2

QuestionAnswer
The USA produces 20% of the world GDP output T or F Answer: True
GDP The total market value of all final goods and services produced in a nation in any time period.
GDP rankings Usa China Japan
How to calculate Per capita GDP the dollar value of total GDP divided by the total population
Per capita GDP How much output an individual produces in goods and services evenly per person
GDP growth An increased in output (real GDP) an expasion of the ppc because of new resources or technology ect...
True or False GDP is the total produced in goods and services Answer: True
America produces by Using the 4 factors of production, land ,labour,capital entreprenurship
GDP is explained in part by How efficent the factors of production or resources are used
Human Capital the knowledge and skills posessed by the worker
Capital stock A capital intensive economy, Machineries , factories, buildings.
The American worker works better and more efficient because of Better education, technology, equiptment and resources
Capital intensive Production process that uses a high ratio of capital to labor inputs
Gov role in the economy to provide a legal framework,protecting the environment, protecting consumers, protecting labor
Monopoly A company that produces the entire market supply of a good or service
Externalities Cost or benefit of a market activity affecting a third party A factory producing goods that polutes a city
Created by: brsoul1