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Lecture

Chapter 7 Notes FULL lecture notes for Chapter 7

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Department
Economics
Course
ECON 102
Professor
Angela Trimarchi
Semester
Fall

Description
Econ 102 Chapter 7 NotesProf Angela TrimarchiChapter 7 Economic GrowthMr SpeakerOf all the priorities I have mentioned today the common denominator is prosperity A better life for all Canadians is the highest priority for this government To ensure long term prosperity we need to increase our productivity Canadians have built a great country with many advantages Canadians are hard workers and great innovators But we are facing increasing competition from countries like India and China Our workforce is aging Government tax policies have discouraged investment and job creationEconomic GrowthRefers to growth of one of three interrelated macroeconomic variablesoAggregate outputincome GDPoGDP per capitaoProductivitySee httpwwwcslscaipmipm19aspRule of 70States that if you divide the annual growth rate g of a variable into the number 70 the result will tell you the number of years required for the growth of that variable to double70gNOTE Always express g as a whole numberArithmetic of Compound GrowthSuppose that you deposit 100 in a bank account which pays 5 per year and you let the interest compound earn interest on interestYearClosing Bank Balance1 100005100 105 2105005105 110253110250051102511576411576005115761215514188570051885719799Formula for Compound GrowthnInitial level1gLevel at the end of n yearsg is the growth rateQuestion Calculate the value of 100 at the end of 7 years using the above
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