ECO 1102 Lecture Notes - Lecture 7: Foreign Portfolio Investment, International Monetary Fund, Diminishing Returns

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ECO 1102 Full Course Notes
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ECO 1102 Full Course Notes
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Explaining the large variation in living standards around the world is, in one sense, very easy. As we will see, the explanation can be summarized in a single word: Productivity: the quantity of goods and services produced from each hour of a worker"s time. Productivity is the key determinant of living standards. Growth in productivity is the key determinant of growth in living standards. For a country to enjoy a high standard of living, it must produce a large quantity of goods and services. Physical capital: the stock of equipment and structures that are used to produce goods and services. Human capital: the knowledge and skills that workers acquire through education, training, and experience. Natural resources: the inputs into the production of goods and services that are produced by nature, such as land, rivers, and mineral deposits. Technological knowledge: society"s understanding of the best ways to produce goods and services.

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