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BU204_03_Johnson_Jennifer_Unit 5 Homework

BU204_03_Johnson_Jennifer_Unit 5 Homework - Jennifer...

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Jennifer Johnson Kaplan University BU204- 03 Macroeconomics Anthony Brogna Unit 5 November 16, 2010
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Key Terms – Definitions GDP per Capita: “measures the total value of an economy’s production of final goods and services as well as the income earned in that economy in a given year. (Krugman & Wells, 2009, p. 266). To me this means the approximation of the value of goods produced per person in the country, equal to the country's GDP divided by the total number of people in the country. Read more: http://www.investorwords.com/6827/GDP_per_capita.html#ixzz15V8V6Dvt Labor productivity : “refer either to output per worker or, in some cases, to output per hour” (Krugman & Wells, 2009, p. 230). To me Labor production is simply how much work someone can do within a given amount of time. For example, you might measure the amount of phone calls a worker can take or widgets they can put together. Diminishing returns to Physical Capital : “holding the amount of human capital per worker and the state of technology fixed, each successive increase in the amount of physical capital per worker leads to a smaller increase in productivity.” (Krugman & Wells, 2009, p. 232).
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