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Economics
Economic Growth Factors
| Term | Definition |
|---|---|
| Human Capital | The skill and education of a human resource |
| Capital Goods | Anything that is used over and over again to produce another product |
| Natural Resources | Something that comes from nature |
| Entrepreneur | Someone who risks his/her money to start a business |
| Gross Domestic Product (GDP) | The value of all goods and services produced in a country in a year |
| Gross Domestic Product per capita (GDP per capita) | The average amount of money a person makes in a country in one year |
| Literacy Rate | The percentage of people (over age 15) who can read and write |
| Productive Resources | Natural, human, and capital resources used to make goods and services |
| Standard of Living | Goods and services per person in a country - The quality of life based on the possession of necessities and luxuries that make life easier |
| Industrialized Countries | Wealthy countries - Many Industries - Lots of Technology - High standard of living - Many advanced job opportunities - Economic Growth |
| Third World Countries | Poor countries - Low standard of living - Few advanced job opportunities - Little to no economic growth |
| Death Rate | The number of deaths per 1,000 people in an area |
| Infant Mortality Rate | The number of deaths in the first year of life for every 1,000 live births |
| Invest | To put time and money into something |
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