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Assume the real U.S.GDP in 1998 was $7,552 billion and the U.S.population was 270 million,and the real U.S.GDP in 2000 was $10 trillion and the U.S.population was 280 million.From 1998 to 2000,the per capita real GDP
Productivity
The assessment of how effectively a person, machine, factory, or system can transform inputs into valuable outputs.
Labor Input
Refers to the total hours worked or the number of employees engaged in production in the economy.
Goods and Services
The tangible products (goods) and intangible activities (services) that satisfy human wants and needs and are offered in the market.
Market Economy
An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
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