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HOMOGENEOUS OF DEGREE N: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of n. The value of n can be greater than, less than, or equal to one. This property often surfaces in the analysis of production functions. If n = 1, then a doubling independent variables results in a doubling of the dependent variable and the production function has constant returns to scale. If n > 1, then a doubling independent variables results in more than a doubling of the dependent variable and the production function has increasing returns to scale. If n < 1, then a doubling independent variables results in less than a doubling of the dependent variable and the production function has decreasing returns to scale.

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DEATH RATE: The number of people dying per 1,000 population. The death rate is compared with the birth rate to indicate the natural population growth of a country. (Net migration is also needed in the calculation of the final, overall, actual growth of population.) The death rate most frequently comes up in economic development discussions of less developed countries and their progress (or lack thereof) through the demographic transition.

     See also | birth rate | economic development | demographic transition |


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RESOURCES

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.

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