CH-2 Flashcards
1
Q
Define: GDP
A
The total market value of all final goods and services produced within a nation’s borders in a given time period.
2
Q
Define: Per Capita GDP
A
The dollar value of GDP divided by total population; average GDP.
3
Q
Economic Growth
A
An increase in output (real GDP); an expansion of production possibilities.
4
Q
Define: Human Capital
A
The knowledge and skills possessed by the workforce.
5
Q
Capital-Intensive
A
Production processes that use a high ratio of capital to labor inputs.
6
Q
Productivity
A
Output per unit of input—for example, output per labor-hour.
7
Q
A
