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SSEF6: The students will explain how productivity, economic
Transcript of SSEF6: The students will explain how productivity, economic
Often called a human resource. Includes any work done by people whether they are doing manual labor or performing services.
Technology concerns all aspects of production, but it is often seen as an improvement in the quality of capital.
C. Give examples of how investment in eduction can lead to higher standard of living.
Standard of living refers to wealth,comfort,material goods,and necessities available in a society.
SSEF6: The students will explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.
Manufactured goods, such as buildings,tools,and computers,used to make other goods or perform other services.
B.Give illustrations of investment in equipment and technology and explain their relationship to economic growth.
A. Define productivity as the relationship of inputs to outputs.
Resources of (factors of production) are the inputs used to produce outputs (finished goods and services).
Gifts of nature, or any natural resource not created by people.
The more technology a company (firm) invest in the more efficient their operation should become.
Better technology enables more production.
Producing increasing amounts of goods and services over the long term.
People who take risk by creating new products or starting new businesses.
Lifetime earnings are much higher with more education. A Masters degree is worth $2.5 million in income over a lifetime.