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10 Terms
1
Economic Growth
An increase in the production of economic goods and services, compared from one period of time to another.
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2
Malthusian Model
A theory that suggests population growth will outpace agricultural production, leading to famine and poverty.
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3
Production Function
A mathematical representation of the relationship between input factors (like labor and capital) and output.
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4
Human Capital
The skills, knowledge, and experience possessed by an individual or population.
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5
Physical Capital
The tangible assets that a company uses in its production process to manufacture products and services.
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6
Catch-up Growth
A theory suggesting that poorer economies will grow faster than richer ones, increasing their per capita income until they reach that of the wealthier economies.
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7
Diminishing Returns
A decrease in the incremental output or benefit derived from an additional unit of input, holding all other inputs constant.
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8
Institutions
Established laws and practices that govern a society, which impact economic performance.
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9
Investment in Human Capital
The process of acquiring additional knowledge and skills that improve productivity.
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10
Dependency Ratios
A measure of the ratio of dependents, people younger than 15 or older than 64, to the working-age population.
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