Physical and intellectual property that is utilized by labor in the production
of goods and services.
Money spent on increasing the amount of capital in a firm or an economy.
The total amount of capital in an economy or in a firm.
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 countrys total output that each member of the population theoretical has
Golden Rule Level of Capital
The level of capital where consumption and savings are optimized.
The long term rate of growth.
The short term rate of growth.
Intellectual property, like education and scientific discoveries, that affects
the level of output in a firm or country.
Describes countries that have an infrastructure and government amenable to
Physical machinery and transportation that is in place to aid in
The market for goods and services that spans countries.
Workers who utilize capital to produce output.
Labor Productivity Growth
An increase in the amount of output a given unit of labor can produce.
The total currency value of all goods and services produced in a national
A market for the sale and purchase of goods and services in which all countries
Goods and services produced by firms.
Machinery used by labor in the production of goods and services.
The creation of output.
The capital that allows a given amount of potential output.
The ability to produce output.
The creation of a high standard of living.
The percentage of total income that is saved for future consumption.
Standard of living
The level of economic wellbeing enjoyed by members of a population.
The advancement of technology over time due to scientific discoveries.
The purchase and sale of goods and services between entities.
The condition of being without a job but also actively searching for
Money paid or received in exchange for labor.