tailieunhanh - Lecture Principles of economics - Chapter 9: Production and growth

In this chapter you will see how economic growth differs around the world, consider why productivity is the key determinant of a country’s standard of living, analyze the factors that determine a country’s a country’s, examine how a country’s policies influence its productivity growth. | 9 THE REAL ECONOMY IN THE LONG RUN 25 Production and Growth Production and Growth A country’s standard of living depends on its ability to produce goods and services. Production and Growth Within a country there are large changes in the standard of living over time. Production and Growth In the United States over the past century, average income as measured by real GDP per person has grown by about 2 percent per year. Production and Growth Productivity refers to the amount of goods and services produced for each hour of a worker’s time. A nation’s standard of living is determined by the productivity of its workers. Table 1 The Variety of Growth Experiences Copyright©2004 South-Western ECONOMIC GROWTH AROUND THE WORLD Living standards, as measured by real GDP per person, vary significantly among nations. ECONOMIC GROWTH AROUND THE WORLD The poorest countries have average levels of income that have not been seen in the United States for many decades. ECONOMIC GROWTH AROUND THE WORLD . | 9 THE REAL ECONOMY IN THE LONG RUN 25 Production and Growth Production and Growth A country’s standard of living depends on its ability to produce goods and services. Production and Growth Within a country there are large changes in the standard of living over time. Production and Growth In the United States over the past century, average income as measured by real GDP per person has grown by about 2 percent per year. Production and Growth Productivity refers to the amount of goods and services produced for each hour of a worker’s time. A nation’s standard of living is determined by the productivity of its workers. Table 1 The Variety of Growth Experiences Copyright©2004 South-Western ECONOMIC GROWTH AROUND THE WORLD Living standards, as measured by real GDP per person, vary significantly among nations. ECONOMIC GROWTH AROUND THE WORLD The poorest countries have average levels of income that have not been seen in the United States for many decades. ECONOMIC GROWTH AROUND THE WORLD Annual growth rates that seem small become large when compounded for many years. Compounding refers to the accumulation of a growth rate over a period of time. PRODUCTIVITY: ITS ROLE AND DETERMINANTS Productivity plays a key role in determining living standards for all nations in the world. Why Productivity Is So Important Productivity refers to the amount of goods and services that a worker can produce from each hour of work. Why Productivity Is So Important To understand the large differences in living standards across countries, we must focus on the production of goods and services. How Productivity Is Determined The inputs used to produce goods and services are called the factors of production. The factors of production directly determine productivity. How Productivity Is Determined The Factors of Production Physical capital Human capital Natural resources Technological knowledge How Productivity Is Determined Physical Capital is a produced factor of production. It is an input into .

• Kinh tế học
• Principles of economics
• Lecture Principles of economics
• Production and growth
• Economic growth
• Production function
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
• Marginal changes
• Economics of information
• Consumer choice
• Free rider problem
• Market transactions
• Welfare Economics
• Consumer surplus
• Demand curve
• Efficiency of markets
• Nature of an externality
• Market inefficiency
• Negative externalities
• Principles of microeconomics
• Lecture Principles of microeconomics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Principles of agricultural economics
• Agricultural economics
• Economics of agricultural production
• Theory of consumer behaviour
• Economics of market demand
• Dynamics in demand analysis
• Analysis of agricultural markets
• Agricultural markets
• Economics of trade
• Costs of taxation
• Deadweight loss
• Laffer curve
• Supply side economics
• Market forces
• Supply and demand
• Market economies
• Competitive Markets
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Factors of production
• Demand for labor
• Marginal product of labor
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Theory of consumer choice
• Budget constraint
• Indifference curve
• Marginal rate of substitution
• Measuring nation’s income
• Economy’s income
• Gross domestic product
• Components of GDP
• International trade
• Determinants of trade
• Equilibrium without trade
• Monetary system
• Functions of money
• Federal reserve
• Central bank
• Open economy macroeconomics
• Economy macroeconomics
• Closed economy
• Open economy
• Public goods
• Common resource
• Types of goods
• Cost benefit analysis
• Aggregate demand
• Aggregate supply
• Short run economic fluctuations
• Economic fluctuations
• Tax system
• Federal Government
• Marginal tax rate
• Budget surplus
• Macroeconomic policy
• Debate over macroeconomic policy
• Stabilize the economy
• Monetary policy