Terms : Hide Images
| 324878889 | economic growth | An outward shift in the production possibilities curve that results from an increase in resource supplies or quality or an improvement in technology; an increase of real output or real output per capita. | |
| 324878890 | supply factors | an increase in the availability of a resource, an improvement in its quality, or an expansion of technological knowledge that makes it possible for an economy to produce a greater output of goods and services. | |
| 324878891 | demand factor | The increase in the level of aggregate demand that brings about the economic growth made possible by an increase in the production potential of the economy. | |
| 324878892 | efficiency factor | The capacity of an economy to combine resources effectively to achieve growth of real output that the supply factors make possible. | |
| 324878893 | labor productivity | total output divided by the quantity of labor emplyed to produce it; the average product of labor or output per hour of work. | |
| 324878894 | labor-force participation rate | the percentage of the working-age population that is actually in the labor force. | |
| 324878895 | infrastructure | The capital goods usually provided by the public sector for the use of its citizens and firms. | |
| 324878896 | human capital | the accumulation of prior investments in education, training, health, and other factors that increase productivity. | |
| 324878897 | economies of scale | reductions in the average total cost of producing a product as the firm expands the size of plant (its output) in the long run; the economies of mass production. | |
| 324878898 | New Economy | The label attached by some economists and the popular press to the US economy since 1995. The main characteristics are accelerated productivity growth and economic growth, caused by rapid technological advance and the emergence of the global economy. | |
| 324878899 | information technology | new and more efficient methods of delivering and receiving information through the use of computers, fax machines, wireless phones and the Internet. | |
| 324878900 | start-up firms | a new firm focused on creating and introducing a particular new product or employing a specific new production or distribution method. | |
| 324878901 | increasing returns | an increase in a firm's output by a larger percentage than the percentage increase in its outputs. | |
| 324878902 | network effects | increases in the value of a product to each user, including existing users, as the total number of users rises. | |
| 324878903 | 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. | |
| 324977018 | growth accounting | the bookkeeping of the supply-side elements that contribute to changes in real GDP. |
