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22 Cards in this Set
- Front
- Back
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the knowledge and skills that workers acquire through education, training, and experience
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human capital
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capital investment owned and operated by foreigners
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foreign direct investment
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the relationship between inputs and outputs from production
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production function
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a good that we may all use at the same time without diminishing another's benefits
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public good
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the ability of people to excercise control over their resources
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property rights
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the quantity of goods and services available for the average individual in the economy
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real gdp per person
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the stock of equipment and structures used to produce output
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physical capital
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when the incremental increase in output declines as equal increments of an input are added to production
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diminishing returns
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a production process where doubling all of the inputs doubles the output
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constant returns to scale
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natural resource that can be reproduced
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renewable resources
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restricting international trade to protect fledgling domestic industry from foreign competition
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infant industry argument
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policies that decrease internatinal trade restrictions
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outward-oriented policies
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the property that poorer countries tend to grow more rapidly than richer countries
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catch-up effect
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the annual percentage change in output
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growth rate
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inputs used in production, such as labor, capital, and natural resources.
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factors of production
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natural resource that is limited in supply
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nonrenewable resource
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when the actions of one person afffect the well being of a bystander
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externality
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policies that increase international trade restrictions
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inward oriented policies
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a society's understanding about the best ways to produce goods and services
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technoligical knowledge
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the quantity of goods and services produced from each unit of labor input
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productivity
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inputs into production provided by nature
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natural resources
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capital investment financed with foreign money but operated by domestic residents
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foreign portfolio investment
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