TECHNOLOGY, POPULATION AND GROWTH UNIT 2

Question 1

Economic model:

Answer 1

A simplication of the world that explains actions and interactions of economic agents and predicts the most likely outcome.

Question 2

Thomas Malthus

Answer 2

economist made a theory that states that the supply of food cannot keep up with the growth of the human population, inevitably resulting in disease, famine, war, and calamity.

Question 3

Economic renT

Answer 3

Net benefit from option taken-foregone benefit from next best option

Question 4

Isocost line:

Answer 4

A line representing all combinations that cost the same total amount

Question 5

Total Cost=

Answer 5

Sum of costs for inputs (wL) + price of resource x amount of resources (PcR)

Question 6

Production factors:

Answer 6

A quantity of inputs X

Question 7

Y=

Answer 7

where f describes the relationship between the inputs (X) and the outputs (Y)

A basic property of many Production Functions: Diminishing average product of a production factor

Question 8

The average product of labor

Answer 8

is the total product/total of workers

Question 9

Degrowth

Answer 9

how can the economy keep growing without damaging the environment

Question 10

Equilibrium

Answer 10

A self-perpetuating outcome

Question 11

What are the names of the variables that stay constant in the Malthusian model Equilibrium are

Answer 11

1. The per capita income
2. The size of population