 | Glossary
Chapter 18: Economic Growth
economic growth an increase in real national income, usually measured as the percentage change in gross domestic product or gross national product per year patent a legal document that gives an inventor the legal rights to an invention per capita real GDP real GDP divided by the population technology ways of combining resources to produce output total factor productivity (TFP) the ratio of the economy’s output to its stock of labor and capital bilateral aid foreign aid that flows from one country to another
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