ECON 1BB3 Study Guide - Midterm Guide: Foreign Portfolio Investment, Bond Market, Financial System

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ECON 1BB3 Full Course Notes
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ECON 1BB3 Full Course Notes
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Document Summary

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 provided by nature, such as land, rivers, and mineral deposits. Technological knowledge- society"s understanding of the best ways to produce goods and services. Diminishing returns- the property whereby the benefits from an extra unit of an input declines as the quantity of the input increases. Catch-up effect-the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich. Foreign direct investment- a capital investment that is owned and operated by a foreign entity. Foreign portfolio investment- an the investment that is financed with foreign money but operated by domestic residents. Brain drain problem: emigration of highly educated people to rich standard of living.

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