ECN 204 Chapter 7: Chapter 7
6 Feb 2012
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Document Summary
Ecn 204: chapter 7 -- production & growth. Productivity: the quantity of goods and services produced from each hour of work ers time. Nations can enjoy a high standard of living only it it can produce a large quan tity 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 provided by nature, such as land, rivers, and mineral deposits. Technological knowledge: society"s understanding of the best ways to produce goo ds and services. Tech knowledge: refers to societys understanding about how the world works. Human capital: refers to the resources expended transmitting this understanding to the labour force. A society can change the amount of capital it has by investing more into curren t resources in the production of capital.
