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EPF M5L2 Key Terms
Economics & Personal Finance Module 5 Lesson 2 Key Terms
Term | Definition |
---|---|
Gross Domestic Product | The total value of all the final goods and services produced in a country in a single year. |
Standard of Living | The quality of life of people in a country. |
Market | Free exchange of goods and services between buyers and sellers. |
Circular Flow of the Economy | An economic model that shows how goods, services, and money move in an economy. |
Factor Market | Where productive resources are bought and sold. |
Product Market | Markets where producers offer goods and services for sale. |
Productivity | Measure of the output or goods produced based on the input. |
Division of Labor | Breaking down a job into several smaller tasks. |
Specialization | When a person or business focuses on what they can make better than the others. |