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Macro Chapter 12

TermDefinition
Production function the relationship between the inputs a firm uses and the output it creates
Aggregate production function the relationship between all the inputs used in the macroeconomy and the total output (GDP) of that economy
Marginal product the change in output associated with one additional unit of input
Diminishing marginal product phenomenon occurring when the marginal product of an input falls as the quantity of the input rises
Steady state the condition of a macroeconomy when there is no new net investment
Depreciation a fall in the value of an asset over time
Net investment investment minus depreciation
Convergence the idea that per capita GDP levels across nations will equalize as nations approach the steady state
Exogenous growth growth that is independent of any factors in the economy
Endogenous growth growth driven by factors inside the economy
Created by: v.virgil
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