Unit 2- Technology, Population and Growth Flashcards
1
Q
General-purpose innovation definition:
A
Technological advances that can be applied to many sectors and lead to further innovations
2
Q
Subsistence level definition:
A
The level of living standards such that the population will not grow and decline
3
Q
Economic rent definition:
A
A payment or other benefit received above and beyond what the individual would have received in his or her next best alternative
4
Q
Reservation option definition:
A
A person’s next best option
5
Q
Diminishing average product of labour definition:
A
A more labour is used, the average product of labour falls
