Factors of economic growth
Flashcard
•
History
•
6th Grade
•
Hard
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37 questions
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1.
FLASHCARD QUESTION
Front
What does Gross Domestic Product mean?
Back
The total value of all goods and services produced within a country in one year.
2.
FLASHCARD QUESTION
Front
The___________ a country’s GDP, the better the country’s standard of living.
Back
greater
3.
FLASHCARD QUESTION
Front
What are the 4 factors that lead to a country’s economic growth?
Back
investment in human capital, investment in physical capital, land (natural resources), entrepreneurship
4.
FLASHCARD QUESTION
Front
What are natural resources?
Back
materials or substances that occur in nature and can be used for economic gain.
5.
FLASHCARD QUESTION
Front
What does human capital mean?
Back
the people who perform labor (work)
6.
FLASHCARD QUESTION
Front
Why should countries invest in developing human capital?
Back
Investment in the education and skills training of people creates a smarter and more productive workforce, which relates to a higher GDP.
7.
FLASHCARD QUESTION
Front
What are capital goods?
Back
the factories, machinery, and technology used to produce goods and services
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