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AP macroeconomics ch 2 definitions exam questions and answers
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AP macroeconomics ch 2 definitions exam questions and answers
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AP macroeconomics ch 2 definitionsexam questions and answers
Consumption ii- iiAnswers ii-final iigoods ii& iiservices iithat iiwill iibe iiconsumed/used iiby iia
iiconsumer
Capital ii- iiAnswers ii-a iigood iithat iiis iiused iito iiproduce iianother iigood ii(ex. iifactories,
iimachines, iitools)
Government ii- iiAnswers ii-Goods iiand iiservices iithat iiare iibought iiby iigovernments ii(ex:
iimissiles, iibridges, iiand iipolice iiprotection)
Export ii- iiAnswers ii-Goods iiand iiservices iiproduced iiin iione iicountry iiand iisold iiin iiother
iicountries ii(ex: iiairplanes iiproduced iiby iiBoeing iiand iiCiticorp iibanking iiservices iisold iito
iiChina)
Factors iiof iiproduction ii- iiAnswers ii-the iiproductive iiresources iiused iito iiproduce iigoods
iiand iiservices
land ii- iiAnswers ii-all iithe ii"gifts iiof iinature" iithat iiwe iiuse iito iiproduce iigoods iiand
iiservices ii(water, iianimals, iiair...)
labor ii- iiAnswers ii-the iiwork iitime iiand iiwork iieffort iithat iipeople iidevote iito iiproducing
iigoods iiand iiservices
human iicapital ii- iiAnswers ii-the iiknowledge iiand iiskill iithat iipeople iiobtain iifrom
iieducation, iion-the-job iitraining, iiand iiwork iiexperience
capital ii- iiAnswers ii-consists iiof iitools, iiinstruments, iimachines, iibuildings, iiand iiother
iiitems iithat iihave iibeen iiproduced iiin iithe iipast iiand iithat iibusinesses iinow iiuse iito
iiproduce iigoods iiand iiservices ii(semi-finished iigoods, iioffice iibuildings, iiand iicomputers;
iiNOT iimoney, iistocks, iiand iibonds, iifinancial iiresources)
Entrepreneurship ii- iiAnswers ii-the iihuman iiresource iithat iiorganizes iilabor, iiland, iiand
iicapital; iicome iiup iiwith iinew iiideas iiabout iiwhat iiand iihow iito iiproduce, iimake iibusiness
iidecisions, iiand iibear iithe iirisks iithat iiarise iifrom iithese iidecisions
rent ii- iiAnswers ii-income iipaid iifor iithe iiuse iiof iilabor
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