Key Area 5
1
Key Area 5 Standard of Living – degree of prosperity in a nation, as measured by income levels, quality of housing and food, medical care, educational opportunities, transportation, communications, and other measures. The standard of living in different countries is frequently compared based on annual per capita income. Opportunity Cost – also economic opportunity loss is the value of a product forgone to produce or obtain another product. Productivity – refers to measures of output from production processes, per unit of input. The quality of being productive or having the power to produce. Inflation – a rise in the general level of prices of goods and services over a period of time.
description
Powerpoint for Key Area 5 Mid-Term Review
Transcript of Key Area 5
Key Area 5Standard of Living – degree of prosperity in a nation, as measured by income levels, quality of housing and food, medical care, educational opportunities, transportation, communications, and other measures. The standard of living in different countries is frequently compared based on annual per capita income.
Opportunity Cost – also economic opportunity loss is the value of a product forgone to produce or obtain another product. Productivity – refers to measures of output from production processes, per unit of input. The quality of being productive or having the power to produce.
Inflation – a rise in the general level of prices of goods and services over a period of time.
