ECON 2010 Chapter : Chapter 11 Outline
Document Summary
Industrial revolution- the application of mechanical power to the production of goods, beginning in england around 1750: before that time, production of good had relied almost exclusively on human or animal power. Gdp per capita: technological change- is a change in the quantity of output forms can produce using a given quantity of inputs. 1970"s the growth rate of the us economy accelerated over time: for more than 20 years, from 1973 to 1994, the growth rate of real gdp per hour worked slowed. The growth rate during these years was more than 1 percentage point per year lower than during the 1950-1972 periods. 1995 and 2010 compared to the previous 20-year period. Cell phones, laptop computers, and wireless internet access allow people to work away from the office, not at home and while traveling. These developments have significantly increased labor productivity: many economists are optimistic that the increases in productivity that began in the mid-1900s will continue.
