Examlex
All of the changes that occur from the time an egg is fertilized through childhood,adolescence,and adulthood are called
Human Capital
The stock of competencies, knowledge, social and personal attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.
Physical Capital
Assets that are tangible, such as machinery, buildings, and equipment, which are used in production to create other goods or services.
Production Function
A mathematical model that describes the relationship between inputs used in production and the output of goods or services.
Constant Returns
A situation in which the rate of increase in output is directly proportional to the increase in inputs in the production process.
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