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Economics

Economic Growth Factors

TermDefinition
Human Capital The skill and education of a human resource
Capital Goods Anything that is used over and over again to produce another product
Natural Resources Something that comes from nature
Entrepreneur Someone who risks his/her money to start a business
Gross Domestic Product (GDP) The value of all goods and services produced in a country in a year
Gross Domestic Product per capita (GDP per capita) The average amount of money a person makes in a country in one year
Literacy Rate The percentage of people (over age 15) who can read and write
Productive Resources Natural, human, and capital resources used to make goods and services
Standard of Living Goods and services per person in a country - The quality of life based on the possession of necessities and luxuries that make life easier
Industrialized Countries Wealthy countries - Many Industries - Lots of Technology - High standard of living - Many advanced job opportunities - Economic Growth
Third World Countries Poor countries - Low standard of living - Few advanced job opportunities - Little to no economic growth
Death Rate The number of deaths per 1,000 people in an area
Infant Mortality Rate The number of deaths in the first year of life for every 1,000 live births
Invest To put time and money into something
Created by: smmhr5
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