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12-3 Vocabulary JW

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.
Created by: joannw15