Ch 8 Flashcards

1
Q

economic growth

A

increase real Gp % rate of growth

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2
Q

Rule 70

A

years required to double GDP= 70÷ annual % rate of growth

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3
Q

Institutional Structures of Growth

A

Strong property rights, parents and copyrights, efficient financial institutional, literacy and wide spread education, free trade, competitive market system.

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4
Q

Efficient financial institutions

A

funnel money to people with ideas

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5
Q

Determinants of growth

A

Supply factor, demand factor, Effeciency factor

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6
Q

Labor and productivity equation

A

Real GDP = hours of work × labor productivity

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7
Q

Network effects

A

as value increases the number of users increases

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8
Q

Productivity slow down

A

slowdown in technology progress, high debt levels, over capacity, free internet app

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