ECON Chapter 20
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Last updated 2:23 PM on 2/9/23
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8 Terms
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captial deepening
an increase by society in the average level of physical and/or human capital per person
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compound growth rate
the rate of growth when multiplied by a base that includes past GDP growth
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human capital
the accumulated skills and education of workers
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infrastructure
a component of physical capital such as roads and rail systems
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innovation
putting advances in knowledge to use in a new product or service
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labor productivity
the value of what is produced per worker, or per hour worked (sometimes called worker productivity)
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physical capital
the plant and equipment that firms use in production; this includes infrastructure
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technology
all the ways in which existing inputs produce more or higher quality, as well as different and altogether new products