18 terms

Economic Factors of Production


Terms in this set (...)

total value of all the goods and services produced in a country in 1 year
standard of living
raising the GDP can improve the country's _______.
measures how rich or poor a country is
natural resources
all of the things found in or on the earth; "gifts of nature
Resources are ___ because they can run out.
natural resources
examples include land, water, sun, plants, time, air, minerals, oil
an economic benefit of having many natural resources
human capital
the skills, talents, education, and abilities that workers possess - the value they people bring to the workplace
literacy rate
the percent of the population over 15 that can read/write
human capital
Literacy rate impacts this.
valuable workforce
Nations that invest in the health, education, and training of the their people will have this.
technological advancements
People with training are more likely to contribute to this in a country.
capital goods
examples include tools, equipment, factories, technology, computers, lumber, machinery
a medium of exchange, but is NOT a capital good
people who provide the money to start and operate a business; they risk their own money and time because they believe they can make a profit
innovative and risk taker
This describes characteristics of entrepreneurs.
creating jobs; lessening unemployment
entrepreneurs contribute to the economy by doing this
higher GDP
more entrepreneurs equals this