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Production and Growth
little bitta in between
15
Economics
Undergraduate 1
03/14/2012

Additional Economics Flashcards

 


 

Cards

Term
Real GDP per person
Definition
Makes living standard vary widely from country to country
Term
Growth rate
Definition
How rapidly real GDP per person grew in the typical year
Term
Productivity
Definition
Quantity of goods and services produced from each unit of labor input
Term
Why productivity is so important
Definition
Key determinant of living standards because an economy’s income is the economy’s output
Term
Determinants of productivity
Definition
physical capital, technology, human capital, and natural resources
Term
Physical Sapital
Definition
stock of equipment and structures used to produce goods and services
Term
technology
Definition
includes common knowledge, proprietary, and propreietary for a short time
Term
Human Capital
Definition
Knowledge and skills that workers acquire through education, training, and experience
It is the resources expended in transmitting technology to the labor force
Term
Natural Resources
Definition
mothafuckin nature
Term
natural resource prices
Definition
stable or falling
Term
higher savings rate...
Definition
leads to higher level of income and productivity but not growth in either
Term
Foreign direct investment
Definition
Capital investment that is owned and operated by a foreign entity
Term
Foreign portfolio investment
Definition
Investment financed with foreign money but operated by domestic residents
Term
Free Trade
Definition
Poor countries inward oriented

rich countries outward oriented
Term
High population growth
Definition
reduces GDP per worker but promotes technological progress
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