Chapter 12: Production and Growth Flashcards
1
Q
productivity
A
the amount of goods and services produced for each hour of a workers’ time
2
Q
Determinants of productivity
A
physical and human capital, natural resources, and technological knowledge
3
Q
physical capital
A
commonly just called capital
the stock of equipment and structures that are used to produce goods and services
4
Q
human capital
A
the knowledge and skills that workers acquire through education, training, and experience
