Term
| What are the 4 factors of production? |
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Definition
| natural resources, labor, capital, entrepreneurs |
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Term
| What are natural resources? |
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Definition
| gifts of nature that make production possible |
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Definition
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Term
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Definition
| tools, machinery, & buildings used to make other products |
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Term
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Definition
| individuals who start new businesses, introduce new products, and improve management techniques |
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Term
| What is 1 measure of the economy's size? |
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Definition
| Gross Domestic Product (GDP) |
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Term
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Definition
| Total value of all the final goods produced in a country during a single year |
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Term
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Definition
| A good, such as a loaf of bread, sold to its user |
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Term
| What is standard of living? |
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Definition
| the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied |
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Definition
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