CH. 7 MACROECONOMICS

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viggianoa
ID:
10276
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CH. 7 MACROECONOMICS
Updated:
2010-03-13 15:43:18
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CHAPTER 7 MACROECONOMICS IN MANKIW
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CHAPTER 7 MACROECONOMICS VOCABULARY IN MANKIW
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  1. PRODUCTIVITY
    THE QUANTITY OF GOODS AND SERVICES PRODUCED FROM EACH UNIT OF LABOR INPUT
  2. PHYSICAL CAPITAL
    THE STOCK OF EQUIPMENT AND STRUCTURES THAT ARE USED TO PRODUCE GOODS AND SERVICES
  3. HUMAN CAPITAL
    THE KNOWLEDGE AND SKILLS THAT WORKERS ACQUIRE THROUGH EDUCATION, TRAINING, AND EXPERIENCE
  4. NATURAL RESOURCES
    THE INPUTS INTO THE PRODUCTION OF GOODS AND SERVICES THAT ARE PROVIDED BY NATURE SUCH AS LAND, RIVERS, AND MINERAL DEPOSITS
  5. TECHNOLOGICAL KNOWLEDGE
    SOCIETY'S UNDERSTANDING OF THE BEST WAYS TO PRODUCE GOODS AND SERVICES
  6. PRODUCTION FUNCTION
    Y = A F(L,K,H,N) THE RELATIONSHIP BETWEEN INPUTS AND OUTPUTS FROM PRODUCTION
  7. DIMINSHING RETURNS
    THE PROPERTY WHEREBY THE BENEFIT FROM AN EXTRA UNIT OF AN INPUT DECLINES AS THE QUANTITY OF THE INPUT INCREASES
  8. CATCH-UP EFFECT
    THE PROPERTY WHEREBY COUNTRIES THAT START OFF POOR TEND TO GROW MORE RAPIDILY THAN COUNTRIES THAT START OFF RICH
  9. PROPERTY RIGHTS
    THE ABILITY OF PEOPLE TO EXERCISE AUTHORITY OVER THE RESOURCES THEY OWN
  10. REAL GDP
    THE QUANTITY OF GOODS AND SERVICES AVAILABLE FOR THE EVERAGE INDIVIDUAL IN THE ECONOMY
  11. GROWTH RATE
    THE ANNUAL PERCENTAGE CHANGE IN OUTPUT
  12. FACTORS OF PRODUCTION
    INPUTS USED IN PRODUCTION, SUCH AS LABOR, CAPITAL, AND NATURAL RESOURCES
  13. NATURAL RESOURCES
    INPUTS INTO PRODUCTION PROVIDED BY NATURE
  14. RENEWABLE RESOURCE
    NATURAL RESOURCE THAT CAN BE REPRODUCED
  15. NONRENEWABLE RESOURCE
    NATURAL RESOURCE LIMITED IN SUPPLY
  16. CONSTANT RETURNS TO SCALE
    A PRODUCTION PRORCESS WHERE DOUBLING ALL OF THE INPUTS DOUBLES THE OUTPUT
  17. FOREIGN DIRECT INVESTMENT
    CAPITAL INVESTMENT OWNED AND OPERATED BY FOREIGNERS
  18. FOREIGN PORTFOLIO INVESTMENT
    CAPITAL INVESTMENT FINANCED WITH FOREIGN MONEY BUT OPERATED BY DOMESTIC RESIDENTS
  19. EXTERNALITY
    WHEN THE ACTIONS OF ONE PERSON AFFECT THE WELL-BEING OF A BYSTANDER
  20. INFANT-INSDUSTRY ARGUMENT
    RESTRICTING INTERNATIONAL TRADE TO PROTECT FLEDGLING DOMESTIC INDUSTRY FROM FOREIGN COMETITION
  21. INWARD-ORIENTED POLICIES
    POLICIES THAT INCREASE INTERNATIONAL TRADE RESTRICTIONS
  22. OUTWARD-ORIENTED POLICIES
    POLICIES THAT DECREASE INTERNATIONAL TRADE RESTRICTIONS
  23. PUBLIC GOOD
    A GOOD THAT WE MAY ALL USE AT THE SAME TIME WITHOUT DIMINISHING ANOTHER'S BENEFIT

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