Chapter 7 Flashcards
1
Q
Economic growth is measured as
A
An increase in real GDP per capita
2
Q
GDP per capita formula is
A
Real GDP / Population
3
Q
The Rule of Law
A
The Process of enacting laws that protect individual and entity rights to use their property as they see fit. ( property rights). Laws must be clear, public, fair and enforced, and applicable to all members of society.
4
Q
Protection of contractual rights
A
The rights of individuals to enter into agreements with others regarding the use of their property. Providing recourse through the legal system in the event of noncompliance.
5
Q
Labor Productivty / Worker Productivy
A
The value of what is produced per worker, or per hour worked
6
Q
A
7
Q
A
