Marketing Essentials

Section 2: Understanding the Economy

After You Read Online Action

Key Terms and Concepts

  1. Businesses can increase productivity by investing in new equipment or facilities, educating staff for greater productivity, providing financial incentives to workers, or reducing the workforce increasing responsibilities of those workers who remain.
  2. GDP is the output of goods and services produced by labor and the property located in a country. GNP is the total dollar value of goods and services produced by a nation, including goods and services produced abroad by U.S. citizens and companies.
  3. The three factors are consumers, businesses, and the government.

    4. Academic Skills

  4. The per capita GDP is $40,000; $10 billion ÷ $250,00 = $40,000
  5. Articles should make the point that knowledge of economics is essential to becoming an informed voter, to electing officials whose economic plans are in accordance with one's own beliefs.
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