Human Capital
This gives kids a foundation for living in the real world
What is education
Definition of physical capital
What is human-made resources (tools, machinery, technology, roads, bridges, etc.)
What type of person tends to organize pre-existing ideas to create a profit
What is an Entrepreneur
This gives private business / land owners the security to know that their land is secure
What is Property rights
You gain this from participating in everyday society
What is experience
An input of labor + physical capital produces ____
What is An Output
The way in which the means of production and distribution of goods are organized
What is organizational economics
This state of government gives the confidence to business owners to grow their business and take on more investment spending
What is Political Stability
Alignment to work processes
What is Organizational Structure
Allows development of physical capital (list at least 3)
What is incentives, good institutions (property rights, political stability, dependable legal system, honest government, competitive open markets) other factors (culture and ideas, dumb luck, geography and natural resources, historical contingencies
What does a world without the organization of previous ideas to create entrepreneurial ventures result in?
What is less economic growth
When free through the govemernet, this right increases human health and productivity
What is Public Health
This American economist and 1992 Nobel Prize in Economic Sciences Winner theorized Human Capital
Who is Gary Becker
Holding the amount of human capital per worker and the state of technology fixed, each successive increase in the amount of physical capital per worker leads to a smaller increase in productivity
What is Diminishing returns to physical capital
What is the most random, but most exponential way for an organization or entrepreneur to grow economically
What is dumb luck
an investment made by a government to increase future economic growth
What is research and development