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EPF M5L2 Key Terms

Economics & Personal Finance Module 5 Lesson 2 Key Terms

TermDefinition
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.
Created by: dmcsorley13
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