Unformatted text preview: level of output in a firm or country. Industrialized - Describes countries that have an infrastructure and government amenable to industrial development. Infrastructure - Physical machinery and transportation that is in place to aid in industrialization. International Market - The market for goods and services that spans countries. Labor - Workers who utilize capital to produce output. Labor Productivity Growth - An increase in the amount of output a given unit of labor can produce. Nominal GDP - The total currency value of all goods and services produced in a national economy. Open Market - A market for the sale and purchase of goods and services in which all countries may compete. Output - Goods and services produced by firms....
View Full Document
This note was uploaded on 02/09/2012 for the course ECO ECO2013 taught by Professor Jominy during the Fall '08 term at Broward College.
- Fall '08