BUS 200 Lecture Notes - Lecture 2: Oligopoly, Gross Domestic Product, Workforce Productivity
Document Summary
15, 2018: productivity, compares the output of an economic system with the resources that are needed to produce output, formula: output/ input, output: the amount produced by a person, machine, business or industry, labour productivity: Input: what is put into a process system or business. Economic stability: when money available and quantity of goods & services produced grow at about the same rate: inflation, when prices go up, occurs when there are widespread price increases in an economic system. Cpi (consumer price index) is a way of measuring inflation takes a base year and see how prices have changed in relation to the base year: consequences of high. Consumers will hold off on spending money because things will be cheaper in the future. Firms will be producing less, needing to lay off workers. Periods of deflation have been rare in the 20th: unemployment, levels of joblessness among people actively seeking work in an economic system.