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April 27, 2024, 06:02:21 pm
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Author Topic: economics abbreviation help  (Read 735 times)  Share 

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kiimberly

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economics abbreviation help
« on: October 07, 2012, 01:25:01 pm »
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Hey guys

I was going through some of the solutions for the h/w my teacher gave me, and in one of her answers she said that "the policy mix increases, K, L, N/R and productivity. Would anyone happen to know what these abbreviations stand for?

thanks in advance.
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MJRomeo81

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Re: economics abbreviation help
« Reply #1 on: October 07, 2012, 01:59:53 pm »
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K = Quantity of physical capital
L = Quantity of labor
N = Quantity of natural resources

This is what we learnt in first year macro in uni so hopefully it helps.
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TrueTears

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Re: economics abbreviation help
« Reply #2 on: October 07, 2012, 02:01:00 pm »
+1
And to add on to what MJRomeo81 said,

N/R denotes real natural resources.
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