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Definition
| Makes living standard vary widely from country to country |
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Term
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Definition
| How rapidly real GDP per person grew in the typical year |
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Term
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Definition
| Quantity of goods and services produced from each unit of labor input |
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Term
| Why productivity is so important |
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Definition
| Key determinant of living standards because an economy’s income is the economy’s output |
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Term
| Determinants of productivity |
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Definition
| physical capital, technology, human capital, and natural resources |
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Term
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Definition
| stock of equipment and structures used to produce goods and services |
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Term
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Definition
| includes common knowledge, proprietary, and propreietary for a short time |
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Term
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Definition
Knowledge and skills that workers acquire through education, training, and experience
It is the resources expended in transmitting technology to the labor force |
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Definition
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Term
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Definition
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Term
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Definition
| leads to higher level of income and productivity but not growth in either |
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Term
| Foreign direct investment |
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Definition
| Capital investment that is owned and operated by a foreign entity |
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Term
| Foreign portfolio investment |
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Definition
| Investment financed with foreign money but operated by domestic residents |
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Term
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Definition
Poor countries inward oriented
rich countries outward oriented |
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Term
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Definition
| reduces GDP per worker but promotes technological progress |
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