Terms and concepts

Labor force participation: the amount of labor force participation and the size of economic sectors influence economic growth. The labor force participation is the amount of workers available. In countries with high development and industrialization, labor force participation is high because of low birth and death rates.

When the GDP growth is only caused by increases in population (not increases in supply, demand, revenue) the growth is excessive.

The aggregate production function examines how the productivity depends on the quantities of physical capital per worker and human capital per worker.
Human capital is defined as the stock of competencies, knowledge, social and personal attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.

Technology is defined as the making, modification, usage, and knowledge of tools, machines, techniques, systems, and methods of organization in order to solve a problem, improve a preexisting solution to a problem, or achieve a goal