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10 Cards in this Set
- Front
- Back
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Rule of 70 |
states that if the annual growth rate of a variable is x%, the size of that variable doubles every 70 / x years |
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Resources (AKA Factors of production) |
inputs used to produce goods & services |
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Human capital |
the resource represented by the quantity, knowledge, & skills of the workers in an economy |
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Technology |
the knowledge that is available for use in production |
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Technological |
introduces new techniques or methods so that firms can produce more valuable outputs per unit of input |
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Human capital |
the resource represented by the quantity, knowledge, & skills of the workers in an economy |
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Technology |
the knowledge that is available for use in production |
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Technological advancement |
introduces new techniques or methods so that firms can produce more valuable outputs per unit of input |
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Institution |
a significant practice, relationship, or organization in a society |
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Private property rights |
encompass the rights of individuals to own property, to use it in production, & to own the resulting output |
