Chapter 9, Problem 9.3SC

To determine

(a)

Fill in the blanks

Introduction:

New growth theory: The theory argues that knowledge to produce goods and services is an important source of economic growth

To determine

(b)

Fill in the blanks

Introduction:

International Trade: The exchange of goods, capital and services across the national boundaries to other countries or nations is termed as International Trade

To determine

(c)

Fill in the blanks

Introduction:

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

To determine

(d)

Fill in the blanks

Introduction:

New growth theory: The theory that argues that knowledge to produce goods and services is an important source of economic growth

To determine

(e)

Fill in the blanks

Introduction:

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