What does Gross Domestic Productmean?
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  • The total value of all goods and services a country imports.
  • The total value of all goods and services a country exports.
  • The total value of all goods and services produced within a country in one year.
  • The net loss in profits within a country due to imports.
The___________ a country’s GDP, the better the country’s standard of living.
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  • lower
  • greater
  • smaller
  • answers 1 and 3 are correct
What are the 4 factors that lead to a country’s economic growth?
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  • investment in human capital, investment in physical capital, land (natural resources), entrepreneurship
  • good international relations, a democratic president, strict laws, freedom of press
  • a powerful military, strong dictatorial leadership, communist regime, little personal freedom
  • a monarchy, the World Bank, a parliamentary democracy, personal freedom
What are natural resources?
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  • resources that are gone from nature
  • resources that are manufactured for the environment
  • resources that are considered worthless
  • materials or substances that occur in nature and can be used for economic gain.
Why is it beneficial for a country to have an abundance of natural resources?
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  • countries that have a lot of natural resources are able to use them to produce goods and services cheaper than a country that has to import them. Therefore, a country with a lot of natural resources usually has a greater GDP than a country with little natural resources.
  • countries with a lot of natural resources are usually taken over by other countries and don't have to worry about paying for anything
  • they cannot become communist
  • there is no advantage since most natural resources are worthless
What does human capital mean?
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  • the place where the most people live within a country
  • the place where the most work is performed within a country
  • the people who perform labor (work)
  • the building where most people work in a country or state
Why should countries invest in developing human capital?
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  • because the more people you have working in one area like a capital the more productive it will be
  • it leads to a lower GDP
  • it leads to lower literacy rate
  • investment in the education and skills training of people creates a smarter and more productive workforce, which relates to a higher GDP.
What are capital goods?
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  • goods that are produced in the capital
  • the factories, machinery, and technology used to produce goods and services
  • goods that are produced without natural resources
  • goods that are produced by the government
Why should countries invest in developing capital goods?
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  • they shouldn't, it is too expensive
  • because capital goods cannot be sold to other countries
  • when countries invest in capital goods, they are providing better facilities, resources, and/or materials for the people who perform the labor, which creates a more productive workforce leading to greater economic growth (higher GDP).
  • because capital goods are less expensive than private goods
What do entrepreneurs do?
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  • represent business at the capital
  • make all the laws in regards to business
  • start their own business, invent something new, or change the way something was previously done so that it works better
  • work in politics with regards to foreign business
How does entrepreneurship influence economic growth?
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  • it creates jobs and reduces unemployment
  • it encourages people to take risks,and in doing so, create better materials, products, and technologies
  • the more entrepreneurs a country has, the higher the country's GDP
  • answers 1,2,and 3 are all correct
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