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11 Cards in this Set

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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