Economic Growth - level of output in a firm or country...

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Economic Growth Terms Capital - Physical and intellectual property that is utilized by labor in the production of goods and services. Capital Expenditure - Money spent on increasing the amount of capital in a firm or an economy. Capital Stock - The total amount of capital in an economy or in a firm. Convergence - The theory that all industrialized countries tend to approach one another over time in terms of GDP per capita. GDP per Capita - Nominal GDP divided by the total population. This indicates the amount of a country’s total output that each member of the population theoretical has access to. Golden Rule Level of Capital - The level of capital where consumption and savings are optimized. Growth Level - The long term rate of growth. Growth Rate - The short term rate of growth. Human Capital - Intellectual property, like education and scientific discoveries, that affects the
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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....
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