ECON102 Lecture Notes - Lecture 9: Human Capital, Foreign Direct Investment, Root Mean Square

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ECON102 Full Course Notes
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ECON102 Full Course Notes
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Econ 102 lecture 9 produc+vity and government policy. Produc2vity is the measure of output per worker. The only way the economy can produce more gdp is if it produces more output. So you increase the amount that worker produces. Stock of equipment and structures that allows for the produc2ons of goods and services. Machinery, equipment that the workers have access to. So in a classroom, the projectors, computers, etc. are the physical capital for the teacher. If there was no physical capital for the classroom teaching will be a lot slower. Set of skills, experience, and talent that determines the produc2vity of workers. The actual knowledge to operate the machinery and to do your job. Nothing would get done of people who were supposed to shovel didn"t know how to shovel, for example. Innova2ons that increase the op2miza2on of the inputs to the outputs.

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