Economic Factors Flashcards
1
Q
What is GDP?
A
Gross Domestic Product
- it is one of the primary indicators used to gauge the health of a country’s economy
- it represents the total dollar value of all goods and services produced over a specific time period
2
Q
What can be defined as is measure of satisfaction or benefit one receives from a service or product?
A
utility
3
Q
What can be defined as the additional cost required to provide one more UOS (also known as incremental cost)
A
marginal cost
4
Q
What can be defined as a technique used to find the specific volume at which a business neither makes nor loses money?
A
break even analysis
5
Q
What can be defined as a means of comparing the relative costs of two activities or programs with the same outcome?
A
cost effective analysis
