EPF Unit 3 - Producers and Consumers in a Market Economy

Entrepreneurs are primarily motivated by

How is a country's standard of living best measured?

The environment that allows entrepreneurs to flourish is one of ______________________ property rights and low taxes.

If Spain has a GDP of $200 billion and Italy has a GDP of $180 billion, then Spain must have a higher standard of living

What is measured by how many goods and services are produced in an hour?

Which of the following is measured by Real GDP

In the circular flow model, firms are buyers in which market and sellers in which market?

Which of the following are considered soft skills for workers?

Total ______________ minus Total ___________________ equals Profit.

Economic growth is best measured by changes in ______________ GDP.

In the circular flow model, households sell labor to _____________________ in exchange for ________________________.

Advances in technology can lead to increased productivity.

Which term describes the total market value of all final goods and services produced within a country.

The amount paid for land, labor, capital and entrepreneurship used to produce goods and services is called ____________.

_________________________ is measured by how many goods and services a worker produces in an hour.

Land, labor, capital and entrepreneurship is sold in the ____________________ market.

The term "consumer sovereignty" means ________________________.

Which measurement of GDP takes out the effects of inflation and doesn't take into account the population?

Human capital is associated with the resource of

When worker productivity increases, the cost of producing goods and services increases.