MACROECONOMICS CHAPTERS 11 & 12
MACROECONOMICS CHAPTERS 11 & 12 2105 025
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This 2 page Bundle was uploaded by Christina Smith on Thursday April 14, 2016. The Bundle belongs to 2105 025 at Georgia State University taught by Mr. Apperson in Winter 2016. Since its upload, it has received 12 views. For similar materials see Macroeconomics in Economcs at Georgia State University.
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Date Created: 04/14/16
CHAPTER 11 The Rule of 70: States that if the annual growth rate of a variable is X%, the size of that burnable doubles every 70 / X years. Human Capital: The resource represented by the quantity, knowledge, and skills of the workers in an economy. Technology: The knowledge that is available for use in production. Technological Advancement: Introduces new techniques or methods so that firms can produce more valuable outputs per unit of input. Institution: A significant practice, relationship, or organization and society. Private Property Rights: Encompass the rights of individuals to own property, to use it in production, answer on the resulting output. CHAPTER 12 Aggregate Production Function: Describes the relationship among all the inputs used in the macro economy and the total output of that economy, where GDP is output. Convergence The idea that per capita GDP levels across nations will equalize as nations approach the steadystate. Depreciation A fall in the value of resources overtime. Diminishing Marginal Product: States that the marginal product of an input falls as a quantity of the input. Endogenious Growth: Growth driven by factors inside the economy. Exogenius Growth Growth that is independent of any factors in the economy. Marginal Product: The change in output divided by the change in input. Net Investment Investment minus depreciation. Product Function: Describes the relationship between the inputs a firm uses and the output it creates. SteadyState: The condition of a macro economy when there is no new investment.
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