ECON112 (Terry Kerr) Flashcards on L14 - Productivity & Production, created by Sophia Lynch on 12/08/2020.
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Created by Sophia Lynch
over 4 years ago
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Created by Sophia Lynch
over 4 years ago
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The process of 'catch-up' for 'catch-up' countries involves...
(5)
What is 'productivity' in an economic sense?
What factors influence productivity? (4)
What is the production function used for?
What is the formula for the production function?
What does 'Y = F (L, K, H, N, A)' stand for?
What is an important determinant of productivity?
Constant Returns to Scale
Y/L = F (1, K/L, N/L, H, A)
What do these functions stand for?
What is 'capital deepening'?
What is one way to raise future productivity?
Saving and growth - what is the trade-off?
