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17-1 The American Economy
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Terms in this set (9)
Standard of Living
Quality of life based on the possession of necessitates and luxuries.
Natural resource
Materials in nature that make production possible.
Gross Domestic Product (GPD)
Value of annual output in a country.
Capital
Tools, machinery, and buildings used to make products.
Entrepreneurs
People who take risks to start new businesses or introduce new products.
Of all the goods and Services in the world, about how much does the United states produce?
one-fifth
GPD reflects the price of
final goods and services
Why is GPD per capita a better measure than GPD when comparing the economic activity of countries?
It states GPD output per person in the country.
GPD measures the amount produced within a Country as well as a nations
income
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