ECN 1B Chapter Notes - Chapter 11-12: Human Capital, Marginal Product
Document Summary
Chapter11312 question 5 why are some countries mg wehecweo rich"s others mem. am i. Rule of fo o annual growth rate cs x that variable doubles. D in nominal gdp y apricelevelt d deflatorgrowthrate pop size of every to x years. Rest a natureeresoucesels inputs used toproduce goods institutions services naturally land or the. Physical in or on geography or physical notenough tomake country wealthy inputs that occur land beaches diamonds location coal. 7eel just capital tools 4 equipment used in production ofgood teo economic growth resource represented by the knowledge e sko us of the workers in. C ltom. am quantity an economy output per capita total gba not per capita crop population many. Institutions gig practice relationship ororganization in a society official 1 unofficial conditions that shape in which decisions are made the environment private property rights indivs can own property instability is a disincentive for investment political.
