About This Chapter
Growth & Productivity in Economics - Chapter Summary
Watch the fun videos in this chapter to get an overview of productivity, including how it can affect and be affected by growth in the economy. Discover how the standard of living can be impacted by real GDP and learn how technology and research and development play a role in productivity. Specific topics include:
- Economic growth
- Standard of living
- Productivity's role in the economy
- Physical capital
- Growth policy
- Economic causes of war
This chapter includes multiple video lessons that are taught by experienced instructors and include illustrations and real-world examples to present key points. Additional resources include transcripts that emphasize vocabulary terms, multiple-choice quizzes and a chapter exam.
1. Economic Growth: How to Raise a Nation's Potential Output
Learn the truth about long run economic growth, including how economists define and illustrate an increase in the potential output of a nation through change in real GDP.
2. How Real GDP per Capita Affects the Standard of Living
Have you ever wondered why some countries are better off than others? In this lesson, explore the concept of real GDP per capita, an economic measure of a nation's standard of living, and discover how population, productivity, and the savings rate effect the standard of living.
3. Productivity: The Economy's Long-Run Growth Engine
Using real-world examples, you'll learn more about what productivity is and four things that determine it within a nation - physical capital, technology, human capital, and natural resources.
4. Investment in Human Capital and Productivity
This lesson explores the education, knowledge and skills of the labor force - what economists call human capital - including how it affects productivity and economic output.
5. Physical Capital: Definition and Effects on Productivity
This lesson explains what physical capital is and why it's important to an economy. Using real-world examples, you'll see how it relates to the process of producing goods and services, which is a major foundation of economic growth.
6. How Technology, Research & Development Affect Productivity
Economists consider productivity to be a nation's long-run growth engine. This lesson explores the connection between technology, research & development, and productivity, using real-world examples.
7. Growth Policy and Economic Productivity
What do savings accounts and promoting education have to do with helping the economy to grow? In this lesson, we will explore government policies that help promote higher long-run economic growth.
8. Economic Causes & Impact of War
Ever wonder why people would even consider fighting a war? Sure, there are causes like liberty and religion, but it may frighten you to hear just how many wars have been fought over money, land, and economics.
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