Marketing Essentials

Section 2: Understanding the Economy

After You Read Online Action

Reviewing Key Terms and Concepts

1. Businesses can increase productivity by investing in new equipment or facilities, educating staff, providing financial incentives to workers, or reducing the workforce and increasing the responsibilities of those workers who remain.
2. TheGDP is the output of goods and services produced by labor and the property located in a country. The 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.

Integrating Academic Skills

4. The per capita GDP is $40,000; $10 billion divided $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 belief.