REM 300 Lecture Notes - Lecture 6: Gross Domestic Product, Labour Force Survey, Construction

• School: Ryerson University
• Department: Real Estate Management
• Course: REM 300
• Professor: David Scofield

Document Summary

Factors of production: basic elements in an economy. Capital stock (man-made goods like buildings, machines, etc. : also includes other types of capital: social and human. 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. Front page has unemployment rate and gdp: gross domestic product (gdp) is a measure of the economic production which takes place in canada. 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) Stats canada tracks employment levels, wages, and other labour force statistics: drawn from the labour force survey involves around 29,000 canadians across the country. 5313 property managers, appraisers and other real estate activities consumer price index. Inflation: breaks out the price changes to type of good.