Chapter 9 Flashcards
0
Q
Labor productivity
A
Total real domestic output (real GDP) divided by the number of workers (output per worker)
1
Q
Economic growth
A
Increases in per capital real GDP measured by its rate of change per year
2
Q
New growth theory
A
A theory of economic growth that examines the factors that determine why technology, research, innovation, and the like are undertaken and how they interact
3
Q
Patent
A
A government protection that gives an inventor the exclusive right to make, use, or sell an invention for a limited period of time (currently, 20 years)
4
Q
Innovation
A
Transforming an invention into something that is useful to humans
5
Q
Development economics
A
The study of factors that contribute to the economic growth of a country
