Unit 3 Flashcards
1
Q
What is the aggregate production function?
A
The connection between inputs and outputs for the economy
2
Q
What are the inputs for the aggregate production function regarding GDP?
A
Workforce, human capital, physical capital, technology
3
Q
What are the inputs for the aggregate production function regarding GDP per capita?
A
Technology per person, physical capital per person, human capital per person
4
Q
What is a common measure of productivity of used to track growth of GDP per capita?
A
Dollar value of output per worker hour
5
Q
What is human capital?
A
the accumulated skills and education of workers
6
Q
A
