economics and business Flashcards
employment
the fact of someone being paid to work for a company or organization
productivity
it measures how efficiently production inputs, such as labor and capital, are being used in an economy to produce a given level of output.
Gross Domestic Product – definition, uses and limitations
DEFINED- is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly. LIMITATIONS- Changes in quality and the inclusion of new goods. USES- to make international comparisons.
Consumers
a person who purchases goods and services for personal use.
Human Development Index
a composite statistic (index) that measures key dimensions of human development. A country scores higher HDI when the life expectancy at birth is longer, the education period is longer, and the income per capita is higher
Resources
the goods or services available to individuals and businesses used to produce valuable consumer products
Government spending & role of the government in the economy
, an increase in government spending increases the tax burden on citizens
Recession
a significant decline in economic activity that goes on for more than a few months
Macroeconomics
study of the behaviour of a national or regional economy as a whole
economic problem
the problem of choice which arises because of scarcity of resources
inflation
an increase in the level of prices of the goods and services that households buy. It is measured as the rate of change of those prices
economic growth
an increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
