Macroeconomics Chapter 12: Production and Growth
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The quantity of goods and services produced from each unit of labor input.
The stock of equipment and structures that are used to produce goods and services.
The knowledge and skills that workers acquire through education, training, and experience.
The inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits.
Society's understanding of the best ways to produce goods and services.
The property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.
The property whereby countries that start off poor tend to grow more rapidly than countries that start off rich.
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