IMF Economics at Nigerian Turkish Nile University | Flashcards & Summaries

Lernmaterialien für IMF Economics an der Nigerian Turkish Nile University

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the growth accounting decomposition 

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this is a tool that is used to analyse why a country's output grows or does not grow based on how its capacity to produce goods and services (its supply constraint) changes. 

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A production function

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This is a tool used to summarise the volume of goods and services that an economy is able to produce. In other words, the country's production constraint. 

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Capital 

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The accumulation of all of our investment that we've made in the goods that help us produce other goods and services. Like information technology, including computer software, plant and equipment, etc.  

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The brick-and-mortar component of the capital stock 

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Plant and equipment 

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Total factor productivity (A) 

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Tells us how efficiently or at what cost we are able to transform the factors of production into goods and services. It is affected by the policies we implement, productivity enhancing reforms, the economic structure of our country, including its governance and rules, and the technology we use. An advanced technology results in a higher factor productivity 

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Marginal product 

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The extra amount that we can produce if we employ just one extra unit of an input, leaving everything else constant. 

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Marginal product of labour 

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the additional output a firm gets by employing one additional unit of labor or one more worker basically. It is positive but diminishing. Same goes for capital.  

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Constant returns to scale 

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a production process is said to have constant returns to scale if, when all inputs are changed by a given proportion, output changes by the same proportion. 

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perpetual inventory method

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A method or technique that uses the law of motion of capital equation which tells us how the capital stock evolves over time from one period to the next. 

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How do we think of the flow of investment? 

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we think of investment with reference to a period of time. Like how much did we spend on our plant, equipment, etc over a given period of time? Or how does our capital stock such as the computer softwares, bulidings, etc expand or contract over time?

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How can we get the depreciation rate?

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We can assume its value since finding its exact rate is not feasible 

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A country's aggregate supply constraint 

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this is the country's capacity to produce goods and services. 

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  • 4092 Karteikarten
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Beispielhafte Karteikarten für deinen IMF Economics Kurs an der Nigerian Turkish Nile University - von Kommilitonen auf StudySmarter erstellt!

Q:

the growth accounting decomposition 

A:

this is a tool that is used to analyse why a country's output grows or does not grow based on how its capacity to produce goods and services (its supply constraint) changes. 

Q:

A production function

A:

This is a tool used to summarise the volume of goods and services that an economy is able to produce. In other words, the country's production constraint. 

Q:

Capital 

A:

The accumulation of all of our investment that we've made in the goods that help us produce other goods and services. Like information technology, including computer software, plant and equipment, etc.  

Q:

The brick-and-mortar component of the capital stock 

A:

Plant and equipment 

Q:

Total factor productivity (A) 

A:

Tells us how efficiently or at what cost we are able to transform the factors of production into goods and services. It is affected by the policies we implement, productivity enhancing reforms, the economic structure of our country, including its governance and rules, and the technology we use. An advanced technology results in a higher factor productivity 

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Q:

Marginal product 

A:

The extra amount that we can produce if we employ just one extra unit of an input, leaving everything else constant. 

Q:

Marginal product of labour 

A:

the additional output a firm gets by employing one additional unit of labor or one more worker basically. It is positive but diminishing. Same goes for capital.  

Q:

Constant returns to scale 

A:

a production process is said to have constant returns to scale if, when all inputs are changed by a given proportion, output changes by the same proportion. 

Q:

perpetual inventory method

A:

A method or technique that uses the law of motion of capital equation which tells us how the capital stock evolves over time from one period to the next. 

Q:

How do we think of the flow of investment? 

A:

we think of investment with reference to a period of time. Like how much did we spend on our plant, equipment, etc over a given period of time? Or how does our capital stock such as the computer softwares, bulidings, etc expand or contract over time?

Q:

How can we get the depreciation rate?

A:

We can assume its value since finding its exact rate is not feasible 

Q:

A country's aggregate supply constraint 

A:

this is the country's capacity to produce goods and services. 

IMF Economics

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