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10 Cards in this Set

  • Front
  • Back

Production function

a firm describes the relationship between the inputs the firm uses & the output it creates

Aggregate production function

describes the relationship among all the inputs used in the macroeconomy & the total output (GDP) of that economy

Marginal product

an input is the change in output divided by the change in input

Diminishing marginal product

when the marginal product of an input falls as the quantity of the input rises

Steady state

the condition of a macroeconomy when there is no new net investment


a fall in the value of a resource over time

Net investment

NI = investment - depreciation


the idea that per capita GDP levels across nations will equalize as nations approach the steady state

Exogenous growth

growth that is independent of any facts in the economy

Endogenous growth

growth driven by factors inside the economy