6.9 Key Terms
Key Terms
definition
The connection from inputs to outputs.
The accumulated knowledge (from education and experience), skills, and expertise that the average worker in an economy possesses.
The value that each employed person creates per unit of his or her input.
Sustained long-term economic growth comes from increases in worker productivity.
Real GDP per person used as a gauge of an economy's material standard of living.
A variable's approximated doubling time equals 70 divided by the growth rate, stated as a whole number.
A combination of invention - advances in knowledge - and innovation (putting that advance to use in a new product or service.
