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;
18 Cards in this Set
- Front
- Back
|
What are Factors of Production?
|
Inputs used to produce goods and services (ie, how productivity is determined)
|
|
|
What are the Factors of Production?
|
Physical Capital
Human Capital Natural Resources Technological Knowleddge |
|
|
What is Physical Capital?
(Factor of Production) |
the stock of equipment used to produce goods
|
|
|
What is Human Capital?
(Factor of Production) |
the knowledge and skills workers acquire through education/training
|
|
|
What are Natural Resources?
(Factor of Production) |
the inputs into production that are provided by nature
|
|
|
What is Technological Knowledge?
(Factor of Production) |
Society's understanding of the best ways to produce goods
|
|
|
What are some ways that Government can raise productivity/living standards?
|
Encouraging: Saving, Foreign Investment Domestically, Education
Securing: property rights, political stability, Promoting: Free Trade, Research |
|
|
What are Dminishing Returns?
|
The property whereby the benefit from an extra unit of an input decines as the quantity of the input increases.
|
|
|
What is the catch-up effect?
|
the property whereby countries that start off poor grow more rapidly than those that start off rich.
|
|
|
What are the kinds of Investment from abroad?
|
Foreign Direct
and Foreign Portfolio |
|
|
What is Foreign Direct Investment?
|
Investment owned and operated by a foreign entity
|
|
|
What is Foreign Portfolio Investment?
|
Investments financed with foreign money but are operated by domestic residents
|
|
|
What kind of investments are Investments financed with foreign money but are operated by domestic residents
|
Foreign Portfolio Investments
|
|
|
In the United States, each year of schooling raises a person's wage by what on average?
|
10 percent
|
|
|
What is "brain drain"?
|
The emigration of highly educated workers from poor countries to richer countries.
|
|
|
From 1959 to 1973 productivity grew at a rate of ___ percent per year.
|
3.2 percent
|
|
|
From 1973 to 1995 productivity grew by only ___ percent per year.
|
1.5
|
|
|
In what ways can population growth interact with other factors of production?
|
-Stretching resources
-Diluting capital stock -Promoting technological progress |
