Question

1. What makes countries rich in today’s environment?
2. What is a service sector? How many serviced sectors does Colorado have? What are their value?
3. What is economics and why is it important to business? What is the difference between Macro and Micro environment and give an example.
4. How does resource development effect the economy?
5. What is the secret to creating a wealthy economy? In detail explain what the author was referencing.
6. What is the invisible hand? Has this concept been true?
7. What is free market capitalism?
8. What is the difference between capitalism, and state capitalism, and communism?
9. What is the relationship between supply/demand/equilibrium point and equilibrium price?
10. What is a monopoly? Why does the Government intervene on them?

Answer 1

1-Gross domestic product (GDP) per capita is an indicator of average economic well-being within a country. GDP is the total market value of all final goods and services produced in an economy in a given year. In a sense, a country's GDP is like its yearly income. So, dividing a particular country's GDP by its population is an estimate of how much income, on average, the economy produces per person (per capita) per year. GDP per capita is a measure of a nation's standard of living. So GDP is one of the important factor which makes a country rich.

2-service sector also called tertiary sector, is the third of the three traditional economic sectors.The sector provides a service, not an actual product that could be held in your hand. Activities in the service sector include banks, hotels, real estate, education, communications, electricity, gas and water supply etc.

3-Manufacturing, energy, tourism, agriculture, financial services, real estate, to name a few.In 2008 the GDP amounted to about $248.6 billion, 1.7 percent of the nation’s $14.3 trillion economy. Real estate and government accounted for the largest portion of Colorado’s GDP last year, at 12.7 percent and 12.3 percent respectively.

4-The first, that the economy and the investments are intimately linked, and secondly that the decisions we make affect the welfare of our present and our future, and the more informed we are, the better the decisions can be taken, the economic changes that happen around them can adapt in the best way.