Nature of Growth
The alternative combinations of goods and services that could be produced in a given time period with all available resources and technology.
What is Production Possibilities?
Total GDP divided by total population is the average GDP. In other words, the output divided by the total population.
What is GDP per capita?
The quality of the labor force is depended on this.
What is Education and Training?
Minimum wage laws and the Occupational Safety and Health Administration (OSHA) are examples of this type of market.
What is factor market regulation?
An increase in output (real GDP), an expansion of production possibilities.
What is economic growth?
All persons over age 16 who are either working for pay or actively seeking paid employment.
What is labor force?
This policy is a major source of growth in the U.S. labor force and a direct contributor to an outward shift of our production possibilities.
What is Immigration Policy?
This market regulates Transportation costs and the Food and Drug Administration (FDA).
What are product markets?
The total value of goods and services produced within a nation's boarders, measured in current prices.
What is nominal GDP?
The proportion of the adult population that is employed.
What is employment rate?
Government policy that affects the supply of capital by encouraging people to invest more, such as building factories and purchasing new equipment. (i.e., tax policy)
What are investment incentives?
This market helps control financial crisis through regulations.
What are financial markets?
The inflation-adjusted value of GDP, the value of output measured in constant prices.
What is real GDP?
Output per unit of input (e.g., output per labor-hour).
What is productivity?
Income minus consumption; that part of disposable income not spent.
What is savings?
The process where the Government establishes and enforce property rights, legal rights, and politial rights.
What is economic freedom?
Percentage change in real GDP from one period to another.
What is growth rate?
Expenditures on (production of) new plant and equipment (capital) in a given time period, plus changes in business inventories.
What is investment?
A reduction in private sector borrowing (and spending) caused by increased government borrowing.
What is crowding out?
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