Markets Flashcards
1
Q
Main point of markets
A
There is economic activity in markets which connects individuals and businesses.
2
Q
Markets
A
There is connectivity and flow in a market that allows wealth and exchange.
3
Q
Factor Markets
A
Market where the factors of production are bought and sold.
4
Q
Product Markets
A
Market where goods and services are bought and sold.
5
Q
Productivity
A
measure of goods and services produced with a given amount of resources in a period of time.
6
Q
Economic Growth
A
when the total output of goods and services increase overtime.
7
Q
Human Capital
A
The sum of people’s skills, abilities, health, knowledge, and motivation.
