Term
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Definition
| the Time for it takes a variable that grows gradually over time to double is 70 divided by that variables annual growth rate |
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Term
| Labor Productivity/Productivity |
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Definition
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Term
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Definition
| Human-made goods used to build good and do services. |
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Term
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Definition
| Improvement in labor created by education and knowledge |
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Term
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Definition
| Technical means for the production of goods and services |
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Term
| Aggregate Production Function |
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Definition
| Hypothetical function that shows how productivity depends on the quantities of physical and human capital. |
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Term
| Diminishing Returns to Physical Capital |
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Definition
Human capital and Technology = fixed
Increases in Physical capital leads to smaller increase in Productivity |
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Term
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Definition
| Used to estimate the contribution of each major factor in the aggregate production function to economic growth |
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Term
| Total Factor Productivity |
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Definition
| The account of output that can be achieved with a given amount of factor inputs |
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Term
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Definition
| International differences in RGDPPC tends to narrow over time |
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