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Capital
Physical and intellectual property that is utilized by labor in the production of goods and services.
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Capital Expenditure
Money spent on increasing the amount of capital in a firm or an economy.
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Capital Stock
The total amount of capital in an economy or in a firm.
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Convergence
The theory that all industrialized countries tend to approach one another over time in terms of GDP per capita.
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GDP per Capita
Nominal GDP divided by the total population. This indicates the amount of a country’s total output that each member of the population theoretical has access to.
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Golden Rule Level of Capital
The level of capital where consumption and savings are optimized.
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Growth Level
The long term rate of growth.
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Growth Rate
The short term rate of growth.
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Human Capital
Intellectual property, like education and scientific discoveries, that affects the level of output in a firm or country.
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Industrialized
Describes countries that have an infrastructure and government amenable to industrial development.
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Infrastructure
Physical machinery and transportation that is in place to aid in industrialization.
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International Market
The market for goods and services that spans countries.
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Labor
Workers who utilize capital to produce output.
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Labor Productivity Growth
An increase in the amount of output a given unit of labor can produce.
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Nominal GDP
The total currency value of all goods and services produced in a national economy.
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Open Market
A market for the sale and purchase of goods and services in which all countries may compete.
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Output
Goods and services produced by firms.
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Physical Capital
Machinery used by labor in the production of goods and services.
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Production
The creation of output.
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Production Capabilities
The capital that allows a given amount of potential output.
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Productivity
The ability to produce output.
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Prosperity
The creation of a high standard of living.
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Savings Rate
The percentage of total income that is saved for future consumption.
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Standard of living
The level of economic wellbeing enjoyed by members of a population.
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Technological Progress
The advancement of technology over time due to scientific discoveries.
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Trade
The purchase and sale of goods and services between entities.
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Unemployment
The condition of being without a job but also actively searching for one.
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Wage
Money paid or received in exchange for labor.
