Try Magic Notes and save time.Try it free

Try Magic Notes and save timeCrush your year with the magic of personalized studying.Try it free

MacroEcon Ch7 - Economic Growth

Get a hint

all the ways in which existing inputs produce more or higher quality, as well as different and altogether new products.

Click the card to flip 👆

1 / 18

1 / 18

Terms in this set (18)

all the ways in which existing inputs produce more or higher quality, as well as different and altogether new products.

a combination of invention—advances in knowledge—and innovation.

technological change.

area of a country, usually with access to a port where, among other benefits, the government does not tax trade.

special economic zone (SEZ).

the process of enacting laws that protect individual and entity rights to use their property as they see fit. Laws must be clear, public, fair, and enforced, and applicable to all members of society.

the process whereby a firm turns economic inputs like labor, machinery, and raw materials into outputs like goods and services that consumers use.

production function.