12-3 Vocabulary JW Word Scramble
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| Question | Answer |
| Real GDP per Capita | Real GDP divided by total population |
| Natural Resources | Raw materials supplied by nature. Examples: water, timber, minerals, oil, etc. |
| Human Resources | labor...people who produce goods and services; people who work for businesses. |
| Capital Resources | Tools, equipment used to produce goods and services. |
| innovation | An invention or creation that is brand new |
| Inputs | materials, labor used to produce goods and services. |
| Output | the material produced or yield; product created from mixing factors of production. |
| Factors of Production | Natural, Human, Capital, Technological Resources used to produce goods and services. |
| Labor input | The size of the labor force multiplied by the length of the workweek. |
| Capital deepening | An increase in the ratio of capital to labor. |
| Productivity | The ratio of the amount of output produced to the amount of input. |
| Multifactor productivity | The ratio between the amount of output produced by an industry or business sector and the amount of inputs used. |
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joannw15
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