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MacroE Chp 10.1-10.2

terms

QuestionAnswer
Industrial Revolution The application of mechanical power to the production of goods, beginning in England around 1750.
Economic Growth Model A model that explains growth rates in real GDP per capita over the long run.
Labor Productivity The quantity of goods and services that can be produced by one worker or by one hour of work.
Technological Change A change in the quantity of output a firm can produce using a given quantity of inputs.
Human Capital The accumulated knowledge and skills that workers acquire from education and training or from their life experiences.
Per-worker Production Function The relationship between real GDP per hour worked and capital per hour worked, holding the level of technology constant.
Need page 310 to see if anymore vocabulary
New Growth Theory A model of long-run economic incentives and so is determined by the working of the market system.
Patent The exclusive right to produce a product for a period of 20 years from the date the product is invented.
Created by: ace100
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