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Economic Definitions (Factors of Production (Capital: inputs from man-made…
Economic Definitions
Factors of Production
Capital: inputs from man-made goods, such as machines or computers, that are used to produce further goods and services
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Economic Growth
An increase in the amount of goods and services produced per person within a specific period of time
Living Standards
The level of wealth, material goods, comfort and life necessities available to people living in a geographical area
Economic Performance
How well an economy is performing, measured by whether it is achieving its economic objectives
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Allocation
The way scarce resources are distributed among producers, and how care goods and services are divided among consumers
Better Life Index
Measures wellbeing across countries, based on 11 topics that cover areas of material living conditions and quality of life
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