Productivity and Growth: Economics Crash Course #6

Available at https://youtu.be/UHiUYj5EA0w or just youtube/google “Crash Course Economics 6”

1. _______ is the market value of all goods and services

newly produced in a country in one year.

a. GDP per capita is the GDP of the country

divided by its ______________________.
It represents output per person, and a country
with a high GDP per capita is considered rich.

i. The United Nation’s ____________________________________________

(or HDI) measures life expectancy, literacy, education, quality of life, and it
ranks countries according to their findings. Because data shows that
countries with high GDP per capitas have less infant mortality, poverty, and
preventable diseases, economists often use GDP per capita to measure a
country’s ____________________________________________.

2. Economists argue that the main reason some countries are rich is because of their
_______________________ (their ability to produce more output per worker per hour).

a. What makes some countries more productive than others?

i. What is human capital?

b. Technology (in economics) is defined as the sum total

of _________________________________________
______________that society has acquired concerning
the use of resources to produce goods and services.

i. What compter technology change led to the

US productivity boom in the mid 1990s?

3. In the big picture, increasing productivity has resulted in increased standards of living
for much of humanity over the last _________________________________________.