Economics And Business Flashcards
(9 cards)
What is productivity
The effectiness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.
Resources
A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively
Human Development Index
A statistic composite index if life expectancy, education, and per capita income indicators which are used to rank contries.
Consumers
A person who purchases goods and services for personal use.
Gross domestic product
The total value of goods produce and services provided in a country during one year
What are uses of GDP
To measure economic growth and hoe good the economy is going.
Recession
A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP
Macroeconomics
The branch of economics concerned with large-scale or general economic factors such as interest rat
Microeconomics
A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scare resources and interactions among these individuals and firms.
