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GSE Unit 10 Vocabula

GSE Unit 10 Vocabulary Quiz #2

TermDefinition
standard of living the level of wealth and material comfort available to a people
GDP per capita the average annual income of a nation’s citizens; per capita is Latin for “by each head”
gross domestic product (GDP) the estimated total value of all the final goods and services produced in a nation in a year’s time.
human capital the knowledge, skills, and relative health of a nation’s labor force
capital goods the factories, machinery, technology, etc. that are necessary to sustain a service or industry
arable suitable for farming
natural resource a material on or in the earth that has economic value
entrepreneur those who risk their own money and resources to create a new business or service
private sector the part of the economy owned and operated by private citizens
profit as a verb, to gain financially; as a noun, the economic gains of a business
public sector the part of the economy owned and operated by the national government
Created by: jpkelley