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Chapter 11

QuestionAnswer
the application of mechanical power to the production goods industrial revolution
why does growth matter? a country that growth too slowly fails to raise living standard
an economic growth model explains growth rates in real growth rate in real GDP per capita over the long run
economic growth is not inevitable
the relationship between real GDP per hour worked per worker function
rival is an private good
excludable is an private good
nonrival is an public good
nonexcludable is an public good
is a key determined by the working of the market system knowledge capital
a model of long-run economic growth that emphasize that technological change new growth theory
prediction that level of GDP per capita in poor countries will grow faster than in rich countries catch up
globalization refers to the process of countries becoming more open to foreign trade and investment
creative destruction means that firms develop new products that replace old products in the economy, thereby encouraging economic growth
Created by: nykayla
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