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Planet Money: Patent Racism

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Economic Theory
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Terms in this set (40)
Economic Theory
A widely accepted idea or principle that aims to describe how wealth is produced, consumed, or transferred.
Unlimited Economic Growth
The limitless ability for a country to produce additional goods or services. Within the context of the podcast, it refers to a new theory which asserted that if new innovations were developed, there would be no barriers to the amount of wealth that could be generated within a country.
Economist
A person who studies how wealth is produced, consumed, or transferred. Within the context of the podcast, economists provide guidance on the methods that would best help to improve the financial well-being of a nation.
Capital
Large amounts of money that can be invested in a company to acquire additional land, buildings, or equipment, for purposes of generating a greater amount of wealth. In the context of this podcast, it is suggested that by investing in capital, higher production and profits would result.
Tangible
Something that can be experienced, touched, or measured rather than something that can only be imagined or visualized. In the context of the podcast, this term refers to the investment in capital or labor, because both of these examples can be experienced, touched, or measured.