Chapter 2 Flashcards
1
Q
What is GDP?
A
Gross domestic product- production estimate on goods/services during a time period
2
Q
Per capita GDP?
A
The dollar value divided by total population
3
Q
What is human capital?
A
Skilled/knowledgeable people in workforce
4
Q
Factor mobility?
A
Relocating resources to produce goods/services
5
Q
What is the rule of government in the economy?
A
Legal framework, protecting the environment, protecting consumers, and protecting labor
6
Q
What does externality refer to?
A
Third party market activity- public/private
7
Q
Why do we have productivity in the U.S. economy?
A
We’re able to produce more , we have more skilled workers
8
Q
What is outsourcing?
A
Services/goods being sent overseas
