Studied by 2 people
Externality
________- the effect of one persons actions on the well- being of a bystander.
International trade
________ in goods and services can improve the economic well- being of a countrys citizens.
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.
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.
Property Rights
________- the ability of people to exercise authority over the resources they own.
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 (43)