Term
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Definition
Equipments/tools and structures used to produce goods and services in an economy.
This is input, but when it was first created it was output. |
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Definition
| The knowledge and skills that workers acquire through education, training and experience. |
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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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Definition
| Society's understanding of the best ways to produce goods and services. |
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Term
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Definition
| The benefit of one extra unit of input is less than the last extra unit of input. |
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Definition
| For poor countries, lack of trained/skilled workers and even rudimentary tools can lower production. Solve these problems, which is easy to do, and production increases much faster than it would in a rich country. |
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Term
| Foreign direct investment |
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Definition
| A capital investment owned and operated by a foreign entity. |
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Term
| Foreign Portfolio Investment |
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Definition
| An investment that is owned by a foreign entity but operated by domestic residents. |
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Definition
| When a country's most skilled and educated people emigrate to other, wealthier countries where they can earn a higher standard of living; leaving a "drain" on society. |
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Term
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Definition
| Tariffs and other trade restrictions on foreign countries/firms in an attempt to help domestic industry develop. |
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Term
| Outward-oriented policies |
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Definition
| Policies that attempt to increase international trade, and pursue Free Trade. |
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