REM 300 Lecture Notes - Lecture 7: Total Fertility Rate, Economic Geography, Gross Domestic Product
24 Feb 2017
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Document Summary
Economics: study of how society chooses resources in satisfying their wants and needs including production, distribution & consumption of goods & services. 4 basic elements in order to produce goods & services: land, labour, capital stock (man-made goods like building & machines, entrepreneurial skills. Businesses use these basic elements to produce goods and services (supply) Consumers purchase these goods and services (demand) Institutions: formal and informal / government and non-government. Mixed economy: both private economic units (families, individuals, corps), and government participation in direction of economic activity & production of goods & services. Gross domestic product (gdp) is a measure of the economic production which takes place in. The term gross in gdp means that capital consumption costs are included. Capital consumption costs are associated with the depreciation of capital assets (buildings, machinery and equipment) Naics industry codes: 23 building construction firms, 53 real estate, rental and leasing.
