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What is productivity?
working on products
goods that are produced
amount of goods or services workers can produce in a period of time
What is the main goal for businesses?
What would be an example of technology improving productivity?
What are three ways businesses can improve productivity?
new workers,technology, money
trained workers, technology, money
trained and educated workers, equipment, technology
How do consumers benefit from companies being more productive?
product is out faster
the cost decreases
Trade-offs are the sacrifices you made when you made your choice.
What is it called when a company focuses on producing one type of good or service?
What are the 4 factors that lead to a country’s economic growth?
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 does human capital mean?
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
What are capital goods?
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