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22 Cards in this Set

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