Like this study set? Create a free account to save it.

Sign up for an account

Already have a Quizlet account? .

Create an account

The Rule of 70

the time it takes a variable that grows gradually over time to double is approximately 70 divided by that variable's annual growth rate.

Labor productivity, often referred to simply as productivity

output per worker.

Physical capital

consists of human-made goods such as buildings and machines used to produce other goods and services.

Human capital

is the improvement in labor created by the education and knowledge of members of the workforce.

Real GDP per Capita

the key statistic used to track economic growth. It is real GDP divide by population size.

Key source of growth

technology. technological advance and improvement in human capital go hand in hand

Why do economists focus on real GDP per capita as a measure of economic progress rather than on some other measure, such as nominal GDP per capita or real GDP?

because real gdp alone does not take the population size into account, which doesn't necessarily measure the living standard. nominal gdp does not take the changes of prices due to inflation into account.

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

Voice Recording