Exam (elaborations)
Economics Ch. 1 Quiz (1)
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- Bible 10/12
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- Bible 10/12
Economics Ch. 1 Quiz (1)
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Economics Ch. 1 QuizGDP (Gross Domestic Products) - CORRECT ANSWER-monetary measure of the
market value of all the final goods and services produced in a period of time
Market Consumer Good - CORRECT ANSWER-goods bought and used by
consumers, rather than by manufacturers for producing other goods
Economic Interdependence - CORRECT ANSWER-a consequence of specialization
or the division of labor
Free Enterprise Economy - CORRECT ANSWER-where products, prices, and
services are determined by the market, not the government
Wealth - CORRECT ANSWER-abundance of valuable resources or valuable
material possessions
Per Capita GDP - CORRECT ANSWER-a measure of the total output of a country
that takes the gross domestic product (GDP) and divides it by the number of people
in that country
Division of labor - CORRECT ANSWER-dividing all employees into
groups/specialties in order to create more goods
Financial Capital - CORRECT ANSWER-the basics needed to have capital good
Capital good - CORRECT ANSWER-items you need to gain profit, depends on
profession
Four Factors - CORRECT ANSWER-Land, Labor, Capital, Entrepreneurs
Land - CORRECT ANSWER-Natural Resources
Labor - CORRECT ANSWER-Workers (skilled and unskilled w/ wages)
Capital - CORRECT ANSWER-Machines, tools, and factories used to make goods
and services
Entrepreneurs - CORRECT ANSWER-individual who puts the factors together to
create new products (most important to economic growth)
Opportunity Cost - CORRECT ANSWER-TRADE OFFS of one's economic activity
for another or the cost of the next best alternative use of money, time, or resources
(production possibilities curve)
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