Term
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Definition
| The quantity of goods and services produced from each unit of labor input |
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Term
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Definition
| The stock of equipment and structures that are used to produce goods and services |
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Term
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Definition
| The knowledge and skills that workers acquire through education, training, and experience |
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Term
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Definition
| The inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits |
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Term
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Definition
| Society's understanding of the best ways to produce goods and services |
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Term
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Definition
| The property whereby the benefit from an extra unit of an input declines as 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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