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12 Cards in this Set

  • Front
  • Back
a process that transforms resources into goods and services.
ratio of total output to a specific measure of input.
labor productivity
output per unit of labor; measured as real GDP divided by the hours of labor employed to produce that output.
per-worker production function
the relationship btwn the amount of capital per worker in the economy and average output per worker.
capital deepening
an increase in the amount of capital per worker; one source of rising labor productivity.
rules of the game
formal and informal institutions that promote economic activity; laws, customs, manners, conventions, and other institutional elements that determine transaction costs and thereby affect people's incentive to undertake production and exchange.
industrial market countries
economically advanced capitalist countries of western europe, north america, australia, new zealand and japan, plus others
developing countries
countries with a low living standard b/c of less human and physical capital per worker.
basic research
the search for knowledge without regard to how that knowledge will be used.
applied research
research that seeks answers to particular questions or to apply scientific discoveries to devleop specific products.
industrial policy
the view that government-using taxes, subsidies, and regulations-shld nurture the industries and technologies of the future, thereby giving these domestic industries an advantage over foreign competition.
a theory predicting that the standard of living in economies around the world will grow more similar over time, with porrer countries eventually catching up with richer ones.