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5 Cards in this Set
- Front
- Back
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Human Development Index
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income, education, health
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factors of production
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upward slope: more imputs get more outputs
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what would give you income differences
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1. less inputs make less outputs
2. technological differences 3. both |
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properties of capital
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the more capital, the more output
uses natural resources not public good may engender a return: can produce income depreciates/ wears out |
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Cobb- Douglas
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about 1/3
y= AK^aL^ (1-a) |
