Chap 8 - Follower countries a. Can grow faster be adopting...

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1. Economic growth a. Increase of real GDP over some time b. Increase in real GDP per capital occurring over some time period 2. Real GDP per capita a. Per capital output b. Dividing real GDP by size of population c. 3. Rule of 70 a. Mathematical approximation b. Quantities grapes of the effete of economic growth c. Approx. number of years required to double real GDP = 70/annual percentage rate of growth 4. Modern economic growth a. When living standards can drastically change in the course of a human lifetime 5. Leader countries a. Countries that develop technology that are rich b. Rise GDP per capital slowly and costly 6.
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Unformatted text preview: Follower countries a. Can grow faster be adopting existing technologies i. I.E Africa never had phone lines so they just use cellular 7. Supply factors a. Changes in physical and technical agents of production 8. Demand factor a. When people purchase the output go goods/s 9. Efficiency factor a. Economic efficiency b. 10. Labor productivity 11. Labor-force participation rate 12. Growth accounting 13. Infrastructure 14. Human capital 15. Economics of scale 16. Information technology 17. Start-up firms 18. Increasing returns 19. Network effects 20. Leaning by doing...
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Chap 8 - Follower countries a. Can grow faster be adopting...

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