ECON 112 Lecture Notes - Lecture 12: Foreign Portfolio Investment, International Monetary Fund, Virtuous Circle And Vicious Circle
22 Oct 2015
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Document Summary
Vary widely from country to country i. ii. How rapidly real gdp per person grew in the typical year. Because of differences in growth rates. Ranking of countries by income changes substantially over time. Productivity a. b. c. b. c. i. i. i. ii. i. ii. i. ii. iii. iv. Quantity of goods and services. Produced from each unit of labor input. Why productivity is so important. Key determinant of living standards. Growth in productivity is the key determinant of growth in living standards. An economy"s income is the economy"s output iii. Stock of equipment and structures. Used to produce goods and services. Knowledge and skills that workers acquire through education, training, and experience. Inputs into the production of goods and services. Provided by nature, such as land, rivers, and mineral deposits. Society"s understanding of the best ways to produce goods and services. Invest more current resources in the production of capital.
