User:Jukeboksi/BBA studies/Economics: Difference between revisions
forgot one {{Q}} template ( incompatible with Wikipedia )
No edit summary |
(forgot one {{Q}} template ( incompatible with Wikipedia )) |
||
| Line 156: | Line 156: | ||
== Week 36 - Classical trade theories == | == Week 36 - Classical trade theories == | ||
* | * '''''[[w:Factors of production|Factors of production]]''' are the ''inputs'' to the production process. ''Finished goods'' are the ''output''. Input determines the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called a [[w:production function|production function]]. There are three ''basic'' (AKA classical) factors of production: '''[[w:land|land]], [[w:Labor (economics)|labor]], [[w:Capital (economics)|capital]]'''''( Wikipedia ) | ||
* '''Gross domestic product''' ('''[[w:GDP|GDP]]''') is the [[w:market value|market value]] of all officially recognized final goods and services produced within a country in a given period of time. GDP [[w:per capita|per capita]] is often considered an indicator of a country's [[w:standard of living|standard of living]] ( Wikipedia ) | * '''Gross domestic product''' ('''[[w:GDP|GDP]]''') is the [[w:market value|market value]] of all officially recognized final goods and services produced within a country in a given period of time. GDP [[w:per capita|per capita]] is often considered an indicator of a country's [[w:standard of living|standard of living]] ( Wikipedia ) | ||