Civics Ch. 17

How efficiently resources are used to create products:

GDP per capita is a more accurate measure of GDP

A more highly educated workforce tends to increase productivity in a country.

Economic system in which private citizens own and decide how to use the factors of production in order to make money:

A major reason why people invest in and start up a business:

Competition hurts a businessman in the long run

The circular flow model helps a person studying it realize that

A "factor market"

A major change in the production of products in recent years has been

Father of modern economic thought:

GDP is definitely a measure of our standard of living.

GDP includes intermediate goods and services.

Breaking down a job into separate, smaller tasks:

If you take a risk to start a business and invest money you are referred to as a/an

True or False: The circular flow model links the consumer and business sectors.

laissesz-faire means

Choosing to take part in marketplace transactions:

Govt. and business leaders work hard to promote economic growth.

Of these countries, the one for certain that does NOT have the world's highest GDP per capita:

GDP

Concentrating on goods or services that can be produced more effiently:

GDP only includes final products.

Trying to make money in your business:

Over the past 50 years, the U.S. has experienced

"Per capita" means

Buyers and sellers freely exchange in marketplace tranactions: