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Textbook Site for:
Macroeconomics , Fifth Edition
William Boyes, Arizona State University
Michael Melvin, Arizona State University
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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