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10 Cards in this Set
- Front
- Back
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Industrial Revolution |
The widespread use of power-driven machinery and the economic and social changes that occurred in the first half of the 1800s. |
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Productivity |
The value of what is produced per worker or per hour worked. |
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Production Function |
The process of a firm turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers. |
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Aggregate Production Function |
The process of an economy as a whole turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers. |
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Physical Capital |
The plant and equipment used by firms in production. |
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Human Capital |
The skills and education of workers. |
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Technology |
All the ways in which a certain level of capital investment can produce a greater quantity or higher quality, as well as different and altogether new products. |
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Capital Deepening |
When an economy has a higher average level of physical and or human capital per person. |
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Convergence |
When economies with low per capita incomes are growing faster than economies with high per capita incomes. |
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Recipe for Per Capita GDP Growth |
Improve human capital, physical capital, and technology in a market-oriented environment with supportive public policies and institutions. |
