Gross Domestic Product (GDP) - total market value of all final goods and services produced in a country during a single year., United States - World's single largest economy, Entreprenuer - a risk-taking person who starts a new business, introduces a new product, or improves a management technique., Final Good - good sold to the final user (ex. Bicycle), Capital/Investment Good - Finished goods used to conduct more business (ex. Tractor), GDP per capita - GDP on a per-person basis: GDP divided by population., Standard of Living - material well-being of an individual, a group or a nation, as measured by how well its needs and wants are satisfied., Product - anything that is produced; both goods and services., Factors of production - labor, capital, natural resources, entrepreneurs, How does Literacy Rate impact Standard of Living - The Higher the literacy rate the higher the standard of living, Meaning of Literacy Rate - The ability to read and write starting by age 15, What describes the literacy rate & Standard of Living of Cuba - Cuba has a 99% literacy rate, but a low standard of living due to communism,

Gross Domestic Matching (GDP)

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