Chapter 1 Terms
Capital- All means of production that are created by peopleincluding tools, industrial equipment and
Comparative advantage- The ability to produce a good or service at a relatively l
Chapter 4 Definitions
Gross Domestic Product- A measure of the value of total output of goods and services produced within
Real- In economics, a term that refers to data that have been adjusted for the effects of inflation.
Ch. 8 - pg 244; All Terms & Definitions.
Money- an asset that serves as a means of payment, a store of purchasing power and a unit of
Currency- Coins and Paper money.
M1- A measure of the money supply that includes currency and transaction deposi