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ECON 102 Ch7-9 Notes.pdf

3 Pages

Course Code
ECON 102
Nafeez Fatima

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ECON 102 NotesHao WuChapter 7ProductionGrowth2YearCanada over the past century AVGincome measured by realGDPPerson In Canada each year of schooling raises a workers wage by 10 20302005GDPGDP1Growth20302005Years for income to double 70r rGrowth rateLast century Japan had the largest growth rateProductivityYLRealGDP quantity of output produced quantity of labourFactors of production K H N A per worker can be shared while H cannotASlide page 23cYA FcL cK cH cNOutputworker YLA F1 KL HL NLPoliciesproductivity Encourage saving investment investment from abroad training n Establish secure propertymaintain political stability n education free trade researchdevelopmentPromotesaving ratehigher growth Because of diminishing returensShortrun saving ratehigher levelof productivityincomeNOT GrowthrateLongrun Diminishing returns If workers dont have very much capital giving them more will increase their productivity a lotIf workers alre
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