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8 Cards in this Set
- Front
- Back
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productivity
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output per hour of work
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Production function
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Y=F(L)
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diminishing returns
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a situation in which successive increases in the use of an input, holding other inputs constant, eventually will cause a decline in the additional production derived from one more unit of that input
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technology
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anything that raises the amount of output that can be produced with a given amount of labor and capital
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invention
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a discovery of new knowledge
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innovation
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application of new knowledge in a way that creaetes new products or significantly changes old ones
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diffusion
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the spreading of an innovation throughout the economy
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human capital
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a persons accumulated knowledge and skills
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