ECON 1BB3 Study Guide - Midterm Guide: Reserve Requirement, Classical Dichotomy, Nominal Interest Rate

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ECON 1BB3 Full Course Notes
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ECON 1BB3 Full Course Notes
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Productivity: the quantity of goods and services produced from each hour of a worker"s time. 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 benefit 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 investment that is financed with foreign money but operated by domestic residents.

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