ECN 204 Lecture Notes - Private Good, Foreign Portfolio Investment, Diminishing Returns

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Productivity: the quantity of goods and services produced from each hour of a workers time. Physical capital per worker: the stock of equipment and structures that are used to produce goods and services. Human capital: the knowledge and skills that a worker requires through education, experience and training. Natural resources: the inputs into production of goods and services that are provided by nature, such as land, rivers and mineral deposits. Technological knowledge: societies understanding of the best ways to produce goods and services. Technological knowledge refers to societies understanding of how the world works. Human capital refers to the resources expended transmitting this knowledge to the labour force. What can government do to raise productivity and living standrads. One way to raise future production is to invest more current resources in the production of capital. Society faces the trade off, for society to invest more in capital it must consume less and save more of its current income.

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