Econ Notes 12 Production and Growth

Econ Notes 12 Production and Growth - Production and Growth...

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Production and Growth 18/10/2007 12:04:00 Productivity: its role and determinates Why is productivity so important o Productivity – the quantity of goods and services produced each hour  of a workers time o Economies income = economies output = GDP o A countries standard of living depends on its ability to produce goods o The more a country can produce the better off it is How productivity is determined o Physical Capital – the stock of equipment and structures that are used  to produce goods and services o Human Capital – the knowledge and skills that workers acquire  through education training and experience o Natural Resources – the inputs into production of goods and services  that are provided by nature such as land, rivers, and mineral deposits o Technological Knowledge – society’s understanding of the best way to  produce gods and services Economic Growth and Public Policy
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Econ Notes 12 Production and Growth - Production and Growth...

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