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GSE Unit 10 Vocabula
GSE Unit 10 Vocabulary Quiz #2
| Term | Definition |
|---|---|
| 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:
kiragodwin
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