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Intro to Economics

Definitions of the Introduction to Economics Chapter

TermDefinition
Economics Is the study of how people and businesses with limited income make decisions about what they spend their money on.
Factors of Production Are the elements necessary to produce goods and services. They can be divided into four categories: land, labour, capital and enterprise.
Economic System The way a country uses its factors of production to produce goods and services is referred to as the economic system of that country.
Economic Growth Refers to the changes in the quantity of goods and services produced in a country from one year to the next.
Inflation An increase in the prices in a country from one period to the next is referred to as economic growth.
GNP the total quantity of goods and services produced in a country from one year to the next is referred to as the Gross National Product.
Created by: marymaloney
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