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Chapter 19 Section 1 - DAILY QUIZ
Chapter 19 The American Economy Section 19-1 Economic Resources
10
Economics
7th Grade
05/09/2010

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Cards

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