Class Notes (834,936)
Canada (508,830)
Economics (1,296)
ECN 204 (348)
Eric Kam (31)
Lecture

Chapter 7.docx

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Department
Economics
Course
ECN 204
Professor
Eric Kam
Semester
Winter

Description
Chapter 7 Production and Growth ProductivityAverage quantity of gs produced from each hour of a workers timeYreal GDPquantity of output producedLquantity of labourYLproductivity output per workerwhat productivity is worth in real terms Why productivity is ImportantWhen nations workers are productive real GDP is large and incomes are highWhen productivity grows rapidly so do living standardsWHAT DETERMINES PRODUCTIVITY AND ITS GROWTH RATEPhysical Capital Per WorkerStock of equipment and structures used to produce gs is called physical capital denoted KKLcapital per workerProductivity is higher when average worker has more capital machines equipmentAn increase in KL causes an increase in YL Human Capital Per WorkerKnowledge and skills workers acquire through education training and experience HHLaverage workers human capitalProductivity is higher when the average worker has more human capital education skillsIncr
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