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3 cards from this section. Quick, good the night before a test.
What are final goods?
Think of something you buy at the store.
Define depreciation.
Consider what happens to a car each year.
What do final goods refer to?
Think of the last item you bought at the store.
True or False: Intermediate goods are included in GDP calculations.
Focus on how many times goods are counted in the process.
Evaluate how increasing capital investment affects the economy in the short and long term. Discuss potential risks of focusing too heavily on capital goods.
Consider historical examples of economic booms and busts.
Assuming an economy starts with an equal distribution of capital and labor, analyze how shifts between the focus on consumer goods versus capital goods can affect labor productivity over a decade.
Draw parallels to modern technological advances.
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