Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
Rule of 70
|
the time it takes a variable that grows gradually over time to double is approximatly 70 divided by that variable's annual growth rate
|
|
|
Productivity
|
output per worker
|
|
|
physical Capital
|
human made resources such as buildings and machines
|
|
|
Human Capital
|
the improvement in labor created by the education and knowledge embodied in the workforce
|
|
|
Technology
|
the technical means for the production of goods and services
|
|
|
Aggregate Production Function
|
a hypothetical function that shows how productivity depends on the quantities of physical capital per worker and human capital per worker as well as the state of technology
|
|
|
Growth Accounting
|
estimates the contribution of each major factor in the aggregate production function to economic growth
|
|
|
Total Factor Productivity
|
the amount of output that can be achieved with a given amount of factor inputs
|
|
|
Infrastructure
|
roads, power lines, ports, information networks, and other underpinnings for economic activity
|
|
|
Research and Development
|
spending to create and implement new technologies
|
|
|
Convergence Hypothesis
|
international differences in real GDP per capita tend to narrow over time
|
