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20 Cards in this Set

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economic growth
an increase in real GDP occurring over some time period; an increase in real GDP per capita occurring over some time period
real GDP per capita
inflation-adjusted output per person
rule of 70
we can find the number of years it will take for some measure to double, given its annual percentage increase, by dividing that percentage increase into the number 70
modern economic growth
characterized by sustained and ongoin increases in living standards that can cause dramatic increases in the standard of living within less than a single human lifetime
leader countries
as it relates to economic growth, countries that develop and use advanced technologies, which then become available to follower counties
follower countries
as it relates to economic growth, countries that adopt advanced technologies that previously were developed and sued by leader countries
supply factors
changes in the physical and technical agents of production
demand factor
to achieve the higher production potential created by the supply factors, households, businesses, and government must purchase the economy's expanding output of goods and services
efficiency factor
to reach its full production potential, an economy must achieve economic efficiency as well as full employment
labor productivity
real output per hour of work
labor-force participation rate
the percentage of the working-age population actually in the labor force
growth accounting
the bookkeeping of hte supply-side elements such as productivity and labor inputs that contribute to changes in real GDP over some specific time period
infrastructure
highways and bridges, public transit systems, wastewater treatment facilities, water systems, airports, educational facilities, and so on
human capital
the knowledge and skills that make a worker productive
economies of scale
reductions in per-unit production costs that result from increases in output levels
information technology
new and more efficient methods of delivering and receiving information through use of computers, fax machines, wireless phones, and the Internet
start-up firms
a new firm focused on creating and introducing a particular new product or employing a specific new production or distribution method
increasing returns
a situation in which a given percentage increase in the amount of inputs a firm uses leads to an even larger percentage increase in the amount of output the firm produces
network effects
increases in the value of the product to each user as the total number of users rises
learning by doing
firms that produce new products or pioneer new ways of doing business that experience increasing returns