Output per person equals average ________ times the share of the population that is employed.
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Real GDP
________ per person, a basic indicator of living standards, has grown dramatically in the industrialized countries.
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Sophistication of the technologies
________ applied in production.
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labor productivity
Average ________: output per employed worker.
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labor productivity
In the long run, increases in output per person and hence living standards arise primarily from increases in average ________.
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Average labor productivity
output per employed worker
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This growth reflects the power of compound interest
Even a modest growth rate, if sustained over a long period of time, can lead to large increases in the size of the economy
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Human capital
amalgam of factors such as education, training, experience, intelligence, energy, work habits, trustworthiness, and initiative that affects the value of a worker's marginal product
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Diminishing returns to capital
if the amount of labor and other inputs employed is held constant, then the greater the amount of capital already in use, the less an additional unit of capital adds to production
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Average labor productivity
Output per employed worker
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11
Human capital
Amalgam of factors such as education, training, experience, intelligence, energy, work habits, trustworthiness, and initiative that affects the value of a worker's marginal product
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12
Diminishing returns to capital
If the amount of labor and other inputs employed is held constant, then the greater the amount of capital already in use, the less an additional unit of capital adds to production
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