宏观经济学学习笔记【4】长期中的真实经济-生产率（力）

The most crucial determinant of tremendous variation of living standars is productivity. It means the quantity of goods and services produced from each unit of labor input.

Therefore, the growth in productivity is the key determinant of the growth of living standards.

1.determinants to productivity

(1)physical capital per worker

physical capital: the stock of equipment and structures that are used to produce goods and services.

(2)human capital per worker

humam capital: the knowledge and skills that workers acquire through education, training and experience.

(3)natural resources per worker

natural resources: the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits.

(4)technological knowledge

it means society's understanding of the best way to produce goods and services.