Chapter 9, Problem 1FCT

To determine

Reasons as to why the efforts of the foreign scientists and engineers contribute much more to the labor productivity and economic growth than the exertions of foreign sports stars

Introduction:

Economic Growth: It is defined as the increase in the goods and services produced in a country over a period of time, preferably measured on an annual basis

Labor Productivity: The total real domestic product per worker is defined as the labor productivity

Innovation: It is the transformation of a new invention for the benefit of the economy by reducing the production cost or by production of new good or services

Invention: It is the discovery of new technological process

Human Capital: The attributes of labor including skills, knowledge, education, health and capacity that has direct influence on their productivity is termed as human capital