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Chapter 7
Factors of Economic Growth
| Term | Definition |
|---|---|
| capital goods | the factories, machines, technology, tools, equipment, and any other man-made goods used to make other goods or services |
| entrepreneurship | the use of new ideas and organization to provide new products or services |
| gross domestic product (GDP) | the total market value of the goods and services produced by a country in a specific year |
| human capital | the talents, skills, and labor of people that can be used to produce goods and services |
| investment | money or time put into something with the goal of earning a future benefit |
| literacy rate | the percentage of adults who can read and write |
| natural resource | a naturally-made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want |
| per capita | average per person based on the population of a specific group |
| production | the process of using resources to produce goods or provide services |
| productive resource | a resource used to produce a good or service |
| standard of living | the measure of a nation’s quality of life based on income, education, life expectancy, and other factors |
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ccarter77
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