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Basic Econ: Factors
6th Chapter 7 Vocab
| Term | Definition |
|---|---|
| Gross Domestic Product (GDP) | the monetary value of all finished goods and services made within a country during a specific period |
| GDP per capita | a metric that breaks down a country's economic output per person and is calculated by dividing the GDP of a country by its population |
| Productive resources | used to produce the goods and services that enable it to survive and prosper- often classified into three groups: natural resources, human resources, and capital resources |
| Natural resources | materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain |
| Human Capital | the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country. |
| Capital goods | goods that are used in producing other goods, rather than being bought by consumers |
| Entrepreneurship | the activity of setting up a business or businesses, taking on financial risks in the hope of profit. |
| Production | the action of making or manufacturing from components or raw materials, or the process of being so manufactured |
| Literacy rate | Total number of people who can read and write in a given age group, expressed as a percentage of the total population in that age group |
| Standard of living | the degree of wealth and material comfort available to a person or community |
Created by:
heatherkirk1978
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