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Chapter 7.docx

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Department
Economics
Course
ECN 204
Professor
Christos Shiamptanis
Semester
Winter

Description
Chapter 7 Production and GrowthEconomic Growth Around the World real GDP per personliving stds vary widely from country to countrygrowth ratehow rapidly real GDP per person grew in the typical yr Productivity Its Role and Determinants Why Productivity is So Importantproductivityquantity of goods and services work9er can produce for each hour of work o key determinant of living stds and that growth in productivity is the key determinate of growth in living stdsgross domestic product GDP1 total income earned by everyone in the ecn 2 total exp on the ecn output of goods and services o ecn incomeecn output How Productivity is DeterminedPhysical Capital per Worker o physical capital capitalequipment and structures that are used to produce goods and services input into the production process that in the past was an output from the production process o factors of productioninputs produce goods and servicelabour capitalNatural Resources per Worker o natural resourcesinputs into production that are provided by nature such as land rivers and mineral depositso renewable resourceforestharvested in the future o nonrenewable resourceoil o responsible for std of living around the world o Japan imports natural resources oil and exports its manufactured goods to ecn rich in natural resourcesHuman Capital per Worker o human capitalknowledge and skills that workers acquire through edu training and experienceo raises a nations ability to produce goods and serviceso produced factor of production o requires inputs o resources expended transmitting understanding of labour force o ex human capital like time devoted to readingTechnological Knowledge o technological knowledgeunderstanding of the best way to produce goods and services understanding about how world works
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