Abeka Economics Chapter 5

Gross domestic product – Total value of all goods and services produced in a country in one year
Developed country – Or countries with a strong economy and high standards of living such as United States or Japan.
Producers – Those who make goods.
Factor of production – An ingredient that goes into the production of a good or service
Embargo – A government order imposing a trade barrier-often to impact a nation over some political practice like Apartheid or Human Rights issues.
Malthusian Trap – any tech change results in a population increase. Means that real GDP would not increase.
demand – the amount of items WANTED
Which of the following is not a source of technological advancement for a producer?
Stock Exchange – A market for buying and selling stock.
supply and demand – sets price at balance point
partnership – a form of business organization with two or more owners who share the risk & the profits
natural resources – natural wealth of a country, consisting of land, forests, mineral deposits, water, etc.
unemployment rate – This is the percentage of people in the civilian labor force who are unemployed.
Core rate of inflation – A rate of inflation based on consumer price index that excludes goods with highly volatile (unstable) prices. This is most notable in food and energy prices.
Which оf the fоllоwing is not а source of technologicаl аdvancement for a producer?
traditional economy – an economy that makes decisions based on what has been done in the past

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