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Definition
| The quantity of goods & services produced from each unit of labor input. |
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Definition
| The stock of equipment and structures that are used to produce goods & services. |
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Definition
| The knowledge & skills that workers acquire through education, training, & experience. |
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Definition
| The inputs into the production of goods & services that an economy achieves in the long run when unemployment is at its normal rate. |
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Definition
| Society's understanding of the best ways to produce goods & services. |
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Definition
| The property whereby the benefit from an extra unit of an input declines as the quantity of the input increases. |
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Term
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Definition
| The property whereby countries that start off poor tend to grow more rapidly than countries that start off rich. |
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