Chapter 17

Question 1

Productivity

Answer 1

Quantity of Goods and services produced from each unit of labor

Question 2

Factors of Production

Answer 2

-Physical capital per worker
-Human capital per worker
-Natural resources per worker
-Technological knowledge

Question 3

Technological knowledge is ______________ and human capital is _________________

Answer 3

-society’s understanding of the best production methods.
-amount of understanding those methods that the methods give to workers.

Question 4

Production Function

Answer 4

Relationship between quantity of inputs used in production and quantity of output from production