Question

Match each term with its description. tiles human capital right gross domestic product infrastructure physical capital pairs the direction a production possibilities curve shifts when the economy grows arrowboth the value of all goods and services produced in a country in a given period arrowboth the skills and knowledge that employees bring to their jobs arrowboth the tools workers use to make their jobs more efficient arrowboth the items necessary for a business or community to function, such as railroads, airports, hospitals, and internet arrowboth

Answer 1

Infrastructure refers to the essential items necessary for a business or community to function, innovation involves applying advances in knowledge to create new products or services, and labor productivity measures the value of what is produced per worker or per hour worked.

Step-by-step explanation:

Infrastructure refers to a component of physical capital such as roads and rail systems. It includes the essential items necessary for a business or community to function, such as hospitals, airports, railroads, and the internet. For example, without a well-functioning road system, it would be challenging to transport goods and services efficiently. Innovation involves putting advances in knowledge to use in a new product or service. It is the process of applying new ideas or technology to improve existing products or create something entirely new. It plays a crucial role in economic growth and development. Labor productivity measures the value of what is produced per worker or per hour worked. It indicates how efficiently workers are producing goods or services. Increasing labor productivity can lead to higher economic output and GDP.