For Countries to Be Wealthy, They Need Lots of Physical

question 181

True/False

For countries to be wealthy, they need lots of physical and human capital per worker, which, in turn, depends on a system of private property rights, political stability, a just legal system, honest government, and competitive and open markets.

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Definitions:

Labor Markets

Markets where labor services are exchanged for wages; involves the interaction of employers (demand for labor) and workers (supply of labor).

Discrimination

Unfair or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex, in various settings including employment, housing, and access to services.

Labor Supplied

The total hours that workers are willing and able to work at a given wage rate in a certain period of time.

Job Experience

Refers to the skills and knowledge a person gains while working in a specific job or occupation over a period of time.