AP Economics Chapter 25 Flashcards
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| 9109705730 | productivity | the quantity of goods and services produced from each unit of labor input. | 0 | |
| 9109705731 | physical capital | the stock of equipment and structures used to produce goods and services. | 1 | |
| 9109705732 | human capital | the knowledge and skills that workers acquire through education, training, and experience. | 2 | |
| 9109705733 | natural resources | the inputs into production that are provided by nature, such as land, rivers, and mineral deposits. | 3 | |
| 9109705734 | technological knowledge | society's understanding of the best ways to produce goods and services. | 4 | |
| 9109705735 | diminishing returns | the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases. | 5 | |
| 9109705736 | catch-up effect | the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich. | 6 |