[ECON 2105] - Final Exam Guide - Everything you need to know! (47 pages long)
29 Mar 2017
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Econ 2105 - lecture 1: introduction to macroeconomics. Production and distribution of goods and services requires factors of production. 4 factors of production: land: natural resources, labor: people, their efforts, and their skills, capital: human-made tools of production, such as machinery, entrepreneurship: the organization of the other 3 factors of production. Wealthy countries with few natural resources have large amounts of capital. An economy"s success is best measured by standard of living: standard of living: measured by quality and quantity of goods and services, leisure time, and environmental quality and sustainability. Standard of living is difficult to measure numerically, so economists instead use gross. Domestic product (gdp: gdp: the market value of all final goods and services produced in a country over a given period of time. In the united states, demonstrates a service-sector economy (more services in the gdp than goods)
