CHAPTER REVIEW

KEY CONCEPTS

Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.

Question

economic growth
physical capital
human capital
technological knowledge
institutions
free rider
economies of scale
the “rules of the game” that structure economic incentives.
the advantages of large-scale production that reduce average cost as quantity increases.
the growth rate of real GDP per capita:

where Yt is real per capita GDP in period t.
knowledge about how the world works that is used to produce goods and services.
someone who consumes the benefits of a public good without paying a share of the costs.
the stock of tools including machines, structures, and equipment.
tools of the mind; the productive knowledge and skills that workers acquire through education, training, and experience.
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