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In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. [1] Under some simplifying assumptions about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally ...
Real GDP per capita is the GDP of the entire country divided by the number of people in the country. Measurement of economic growth uses national income accounting. [4] Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth.
Dematerialization has been occurring in the U. S. steel industry where the peak in consumption occurred in 1973 on both an absolute and per capita basis. [88] At the same time, per capita steel consumption grew globally through outsourcing of manufacturing to developing countries. [99] [dubious – discuss] Cumulative global GDP or wealth has ...
Gross domestic product, or GDP, represents the total value of all goods and services produced within a country during one year. Depending on the report, one year can be either one fiscal year or ...
Since technology can affect environmental impact in many different ways, the unit for T is often tailored for the situation to which I=PAT is being applied. For example, for a situation where the human impact on climate change is being measured, an appropriate unit for T might be greenhouse gas emissions per unit of GDP.
The implication is that structural characteristics, and not initial national income, determine the long-run level of GDP per worker. Thus, foreign aid should focus on structure (infrastructure, education, financial system etc.) and there is no need for an income transfer from richer to poorer nations.
The single best gauge of economic success is growth in GDP per capita, not GDP. [1] [2] GDP per capita is an approximate indicator of average living standards, for individual prosperity. [3] Therefore, whether population decline has a positive or negative economic impact on a country's citizens depends on the rate of growth of GDP per capita ...
England's economy is one of the largest and most dynamic in the world, with an average GDP per capita of £37,852 in 2022. [2] His Majesty's Treasury, led by the Chancellor of the Exchequer, is responsible for developing and executing the government's public finance policy and economic policy.