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Macroeconomics Final - Ch. 26
Definitions from the Ragan Lipsey Canadian Macroeconomics book
6
Economics
Undergraduate 1
04/14/2011

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Term
Economic Growth
Definition
Sustained, long-run increases in the level of real GDP
Term
Human Capital
Definition
The set of skills workers acquire through formal education and on-the-job training
Term
Aggregate Production Function
Definition
The relationship between the total amount of each factor of production employed in the nation and the nation's total GDP
Term
Law of Diminishing Marginal Returns
Definition
The hypothesis that if increasing quantities of a variable factor are applied to a given quantity of fixed factors the marginal product of the variable factor will eventually decrease
Term
Constant Returns to Scale
Definition
A situation in which output increases in proportion to the change in all inputs as the scale of production is increases
Term
Embodied Technical Change
Definition
Technical change that is intrinsic to the particular capital goods in use
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