Keys to long-term economic growth
What motivates workers to produce more goods and services?
incentives
___ is a good place for workers to get their work done.
Work environment
The quantity and value?
output
___ is anything that structures rules.
Good institutions
___ is to invest in any human made thing, used to create other goods and services?
Physical Capital
The time, labor, and natural resources?
input
A ____ can allow for people to settle their disputes in an organized way.
dependable legal system.
___ is to invest in the skills and well being of workers?
Human capital
A measure of economic performance that indicates how efficiently inputs are converted into outputs?
Productivity
What is a market characterized by the absence of taxes, licensing requirements, and other regulations?
Open and competitive markets.
____is combining inputs in new and creative ways?
Improved technical know-how
___ helps with economic growth and improves the quality of one’s life.
Infrastructure
____ is the ownership of tangible or intangible assets.
Property rights
___helps with higher life expectancy, and is also a form of infrastructure.
Health innovations
___helps with higher life expectancy, and is also a form of infrastructure.
Health innovations