 | Economics 14/e McConnell | |||||
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economic growth
(1) An outward shift in the production possibilities curve which results from an increase in resource quantity or quality or an improvement in technology; (2) an increase either in real output (gross domestic product) or in real output per capita.
supply factors
An increase in the availability of a resource an improvement in its quality or an expansion of technological knowledge which makes it possible for an economy to produce a greater output of goods and services.
demand factor
The increase in the level of aggregate demand which brings about the economic growth made possible by an increase in the production potential of the economy.
efficiency factor
The sixth ingredient of economic growth. To reach its full potential, a nation must achieve, amongst other things, its economic potential, that is, it must use its existing and added resources in the least costly way (productive efficiency) in producing the specific mix of goods and services that maximizes society's well-being (allocative efficiency).
labor productivity
Total output divided by the quantity of labor employed to produce it; the average product of labor or output per worker per hour.
labor-force participation rate
The percentage of the working-age population which is actually in the labor force.
infrastructure
The capital goods usually provided by the public sector for the use of its citizens and firms (for example highways bridges transit systems wastewater treatment facilities municipal water systems and airports).
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