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7 Cards in this Set
- Front
- Back
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Per Capita GDP
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Income per person. Increases in income per person are vital for the achievement of higher living standards
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Rule of 70
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If a variable grows at a rate of x percent per year, 70/x will approximate the number of years required for the variable to double
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Henry Ford
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Developed the automobile assembly line; mass production methods resulted in substantially lower per unit cost. Mass production methods and expansion in the size of the market help us get more from the available resources and achieve higher income levels.
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Technological advancement
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The introduction of new techniques or methods that increase output per unit of input
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Institutions
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The legal, regulatory, and social constraints that affects the security of property rights and enforcement of contracts. They exert a major impact on transaction costs between parties, particularly when the trading partners do not know each other.
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Less-developed countries
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Countries with low per capita incomes, low levels of education, widespread illiteracy, and widespread use of production methods that are largely obsolete in high-income countries. they are sometimes referred to as developing countries
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Other factors that may influence growth and income. (4)
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Growth of the population
Natural Resources Foreign Aid Climate and Location |
