Ch. 17 Flashcards
(5 cards)
1
Q
Absolute Real Economic Growth
A
An increase in Real GDP from one period to the next.
2
Q
Per Capita Real Economic Growth
A
An increase from one period to the next in per capita Real GDP, which is Real GDP divided by population.
3
Q
Production function
A
A function that specifies the relation between technology and the quantity of factor inputs to output or Real GDP.
4
Q
human capital
A
The knowledge and skills a person acquires through education, training, and experience.
5
Q
institution
A
The rules of the game in a society or, more formally, the humanly devised constraints that shape human interaction; the rules and regulations, laws, customs, and business practices of a country.
