Chapter 20- Economic Growth Flashcards
1
Q
Human capital
A
The accumulated skills and education of workers
2
Q
Labour productivity
A
The value of what is produced per worker on per hour worked
3
Q
What do we care about economic growth?
A
There is availability of jobs, relates to the standards of living. Basically outcomes of growth
4
Q
How do you measure economic growth?
A
GDP
5
Q
Aggregate production function
A
Recess whereby an economy as a whole turns economic inputs such as human capital, physical, capital, and technology into output measured as GDP per capita
