Factors of Economic Growth

Front

What is Gross Domestic Product?

Back

The total value of goods produced and services provided in a county during one year.

Front

What is Capital Goods?

Back

Goods and tools that are used in producing other goods, rather than being bought by consumers

Front

What is Human Capital?

Back

Skills, education, training that a worker possesses in order to produce a good or service

Front

What is Literacy Rate?

Back

The number of people in a county over the age of 15 who can read and write.

Front

What is Standard of Living?

Back

The degree of wealth and material comfort available to a person or community

Front

What are the four factors of production that influence economic growth within a country?

Back

Natural Resources, Human Capital, Capital Goods, Entrepreneurship

Front

What are Natural Resources?

Back

Land, Water, Sun, Plants, Air

Front

Why is Economic Growth important to countries?

Back

A country is better off if it can use its own resources to supply the needs of its people.

Front

What are Entrepreneurs?

Back

People who provide the money to start and operate a business

Front

What are the two characteristics of Entrepreneurship? Innovative, Take Risk, Scared, Alone, Happy, Cheerful, Brave, Noble

Back

Innovative, Take Risk