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Compare the Composition of U

question 86

Essay

Compare the composition of U.S.output in the year 1900 with its composition in the year 2000.


Definitions:

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs.

Capital Stock

Refers to the total amount of physical assets owned by a company that are used in producing goods or services.

Technology

Application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machines, techniques, and processes.

Economic Growth

The increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.

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