Macroeconomics Chapter 12: Production and Growth

Card Set Information

Author:
Drizzle
ID:
285399
Filename:
Macroeconomics Chapter 12: Production and Growth
Updated:
2014-10-12 19:32:51
Tags:
Economics
Folders:

Description:
Production and Growth
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Drizzle on FreezingBlue Flashcards. What would you like to do?


  1. Productivity
    The quantity of goods and services produced from each unit of labor input.
  2. Physical captial
    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. Diminishing returns
    The property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.
  7. Catch-up effect
    The property whereby countries that start off poor tend to grow more rapidly than countries that start off rich.

What would you like to do?

Home > Flashcards > Print Preview