Studied by 1 person
International trade
________ in goods and services can improve the economic well- being of a countrys citizens.
Externality
________- the effect of one persons actions on the well- being of a bystander.
GDP
________ (Gross Domestic Product) per person shows that living standards vary widely from country to county.
Inward
________- oriented policies- policies that attempt to increase productivity and living standards within the country by avoiding interaction with the rest of the world.
productivity
An increase in ________ raises the living standards.
knowledge
The ________ and skills that workers acquire through education, training, and experience.
Brain drain
________- the emigration of many of the most highly educated workers to rich countries, where these workers can enjoy a higher standard of living.
Patent system
________- When a person or firm invents a new product, such as a new drug, the inventor can apply for a patent.
Productivity
________ is the determinant of growth in living standards.
Productivity
________- the number of goods and services produced from each unit of labor input (review)
Note
Flashcard