ECON ASSIGNMENT 2 and 3
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/11
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
12 Terms
Productive Function
The relationship between inputs used in production and the amount of output.
Aggregate Production Function
Production function extended to whole economy
Labor Productivity
The value produced per worker or hour
Physical Capital
The stuff that firms and businesses use in production
Capital Deepening
When society increases the level of capital per person.
Convergence
Occurs when poorer countries grow faster than richer ones.
Labor Force
Employed + Unemployed
Not in Labor Force
Not working and not looking
Adult Population Age
15 and over
Unemployment Rate Equation
Labor Force Participation Rate
The % of adults in an economy who are employed or unemployed but looking for work
Labor Force Participation Rate Equation
