Productivity Flashcards
1
Q
Steady-State
A
A condition in which key variables are not changing
2
Q
Gross Investment
A
Total amount spent of Capital Stock in a time period
3
Q
Net Investment
A
Spending on the Capital Stock minus the amount spent on replacing the existing stock that has broken
4
Q
Physical Capital
A
The stock of equipment and structures that are used to produce goods and services
5
Q
Catch-up Effect
A
The property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
6
Q
GNP
A
The income earned by residents of a country both at home and abroad
