ECON 1102- Final Exam Guide - Comprehensive Notes for the exam ( 27 pages long!)
Document Summary
Gdp per capita today varies enormously among nations. There are miracle growths and miracle disasters. The time it takes a quantity to double. Doubling time = 70 / growth rate in % We are assuming that growth of real gdp is constant. Relatively recent economic growth dramatically raised the standards of living of most people in developed nations. The correlation between wealth and health is strong and positive. Physical capital : the stock of tools, structures, and equipment. Human capital : is the productive knowledge and skills that workers acquire. Used to make something else through education, training, and experience. Technological knowledge : knowledge about how the world works that is used. Think about on the job training too to produce goods and services. Requires human capital combined with physical capital to create. Institutions = the rule of the game that structure economic incentives. Property rights = the right to benefit from one"s effort.
