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Technological knowledge
________ is the actual content and quality of certain items, whereas human capital is the time spent reading it.
Externality
________: the effect of one persons actions on the well- being of a bystander.
Height
________ is reflected as an indicator of productivity- taller workers earn more.
Education
________ is an investment in human capital which has an opportunity cost.
Economic prosperity
________ depends on favorable political institutions.
Economic growth
________ can be fostered from the protection of property rights and promotion of political stability.
Brain drain
________: the emigration of many of the most highly educated workers to rich countries, where the workers enjoy a standard of living Health and Nutrition.
Productivity
________ creates outputs for the economy.
standard of living
Inwardly oriented policies attempt to increase productivity and the ________ by focusing domestically and cutting international communication.
Foreign investments
________ are a way for a countrys economy to grow.
Poor countries
________ tend to grow at faster rates than rich countries Investment from Abroad.
Property rights
________: the ability of people to exercise authority over the resources they own.
High standards of living
________ are correlated with a larger amount of outputs How Productivity Is Determined.
Natural resources
________: the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits.
international data
To understand production and growth, ________ on the GDP per person must be examined, as well as productivity and the link between it and the economic policies of a nation.
population growth
According to modern theories, ________ reduces GDP per worker because rapid growth in the number of workers forces the capital stock to be spread more thinly.
Physical capital
________: the stock of equipment and structures that are used to produce goods and services.
Technological knowledge
________: societys understanding of the best ways to produce goods and services.
Productivity
________ is determined by physical capital, human capital, natural resources, and technological knowledge.
Productivity
________: the quantity of goods and services produced from each unit of labor input.
Note
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