CH. 7 MACROECONOMICS

THE QUANTITY OF GOODS AND SERVICES PRODUCED FROM EACH UNIT OF LABOR INPUT

THE STOCK OF EQUIPMENT AND STRUCTURES THAT ARE USED TO PRODUCE GOODS AND SERVICES

THE KNOWLEDGE AND SKILLS THAT WORKERS ACQUIRE THROUGH EDUCATION, TRAINING, AND EXPERIENCE

THE INPUTS INTO THE PRODUCTION OF GOODS AND SERVICES THAT ARE PROVIDED BY NATURE SUCH AS LAND, RIVERS, AND MINERAL DEPOSITS

SOCIETY'S UNDERSTANDING OF THE BEST WAYS TO PRODUCE GOODS AND SERVICES

Y = A F(L,K,H,N) THE RELATIONSHIP BETWEEN INPUTS AND OUTPUTS FROM PRODUCTION

THE PROPERTY WHEREBY THE BENEFIT FROM AN EXTRA UNIT OF AN INPUT DECLINES AS THE QUANTITY OF THE INPUT INCREASES

THE PROPERTY WHEREBY COUNTRIES THAT START OFF POOR TEND TO GROW MORE RAPIDILY THAN COUNTRIES THAT START OFF RICH

THE ABILITY OF PEOPLE TO EXERCISE AUTHORITY OVER THE RESOURCES THEY OWN

THE QUANTITY OF GOODS AND SERVICES AVAILABLE FOR THE EVERAGE INDIVIDUAL IN THE ECONOMY

THE ANNUAL PERCENTAGE CHANGE IN OUTPUT

INPUTS USED IN PRODUCTION, SUCH AS LABOR, CAPITAL, AND NATURAL RESOURCES

INPUTS INTO PRODUCTION PROVIDED BY NATURE

NATURAL RESOURCE THAT CAN BE REPRODUCED

NATURAL RESOURCE LIMITED IN SUPPLY

A PRODUCTION PRORCESS WHERE DOUBLING ALL OF THE INPUTS DOUBLES THE OUTPUT

CAPITAL INVESTMENT OWNED AND OPERATED BY FOREIGNERS

CAPITAL INVESTMENT FINANCED WITH FOREIGN MONEY BUT OPERATED BY DOMESTIC RESIDENTS

WHEN THE ACTIONS OF ONE PERSON AFFECT THE WELL-BEING OF A BYSTANDER

RESTRICTING INTERNATIONAL TRADE TO PROTECT FLEDGLING DOMESTIC INDUSTRY FROM FOREIGN COMETITION

POLICIES THAT INCREASE INTERNATIONAL TRADE RESTRICTIONS

POLICIES THAT DECREASE INTERNATIONAL TRADE RESTRICTIONS

A GOOD THAT WE MAY ALL USE AT THE SAME TIME WITHOUT DIMINISHING ANOTHER'S BENEFIT