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| 5605354394 | Economic growth | (1) An outward shift in the production possibilities curve that results form an increase in resource supplies or quality or improvement in technology. (2) an increase of real output (gross domestic product) or real output per capita. | 0 | |
| 5605358935 | Real GDP per capita | Inflation-adjusted output per person; real GDP/population. | 1 | |
| 5605358936 | Rule of 70 | A method for determining the number of years it will take for some measure to double, given its annual percentage increase. Example: To determine the number of years it will take for the price level to double, divide 70 by the annual rate of inflation. | 2 | |
| 5605364543 | Modern economic growth | The historically recent phenomenon in which nations for the first time have experienced sustained increased in real GDP per capita. | 3 | |
| 5605466021 | Leader countries | As it relates to economic growth, countries that develop and use the most advanced technologies, which then become available to follower countries. | 4 | |
| 5605467827 | Follower countries | As it relates to economic growth, countries that adopt advanced technologies that previously were developed and used by leader countries. | 5 | |
| 5605472636 | Supply factors | The four determinants of an economy's physical ability to achieve economic growth by increasing potential output and shifting out the production possibilities curve. The four determinants are improvements in technology plus increases in the quantity and quality of natural resources, human resources. and the stock of the capital goods. | 6 | |
| 5605472637 | Demand factors | The requirement that aggregate demand increase as fast as potential output if economic growth is to proceed as quickly as possible. | 7 | |
| 5605472638 | Efficiency factor | The capital of an economy to achieve allocative efficiency and productive efficiency and thereby fulfill the potential for growth that the supply factors (of growth) make possible; the capacity of an economy to achieve economic efficiency and thereby reach the optimal point on its production possibilities curve. | 8 | |
| 5605476266 | Labor productivity | Total output divided by the quantity of labor employed to produce it; the average product of labor or output per our of work. | 9 | |
| 5605476267 | Labor-force participation rate | The percentage of the working-age population that is actually in the labor force. | 10 | |
| 5605477924 | Growth accounting | The bookkeeping of the supply -side elements such as productivity and labor inputs that contribute to changes in real GDP over some specific time period. | 11 | |
| 5605477925 | Infrastructure | The interconnected network of large-scale capital goods (such as roads, sewers, electrical grids, railways, ports, and the internet) needed to operate a technologically advanced economy. | 12 | |
| 5605477926 | Human capital | The knowledge and skills that make a person productive. | 13 | |
| 5605477983 | Economies of scale | The situation when a firm's average total cost of producing a product decreases in the long run as the firm increases the size of its plant (and, hence, its output) | 14 | |
| 5605480107 | Information technology | New and more efficient methods of delivering and receiving information through the use of computers, wifi networks, wireless phones, and the internet. | 15 | |
| 5605480108 | Start-up firms | A new firm focused on creating and introducing a particular new product or employing a specific new production or distribution method. | 16 | |
| 5605482491 | Increasing returns | An increase in a firm's output by a larger percentage than the percentage increase in its inputs. | 17 | |
| 5605482492 | Network effects | Increases in the value of a product to each user, including existing users, as the total number of users rises. | 18 | |
| 5605487514 | Learning by doing | Achieving greater productivity and lower average total cost through gains in knowledge and skill that accompany repetition of a task; a source of economies of scale. | 19 |
