ECON102 Lecture Notes - Lecture 3: Environmental Quality, Microsoft Powerpoint, Employment-To-Population Ratio

• School: University of Waterloo
• Department: Economics
• Course: ECON102
• Professor: Maryann Vaughan

Document Summary

Econ102 lecture 3 the value of production: gdp & monitoring jobs and. -> to compare the standard of living over time/ across countries. Real gdp/ person the value of goods & services average person can enjoy. Potential gdp the value of real gdp when all economy"s factor of production are fully employed. Growth rate (real gdp/ person) slowed after 1970. Real gdp/ person was ,000 lower than it would have been without the productivity slowdown. The accumulated gap (1970 : was ,000 / person. Good health and long life although desirable, do not show up directly in gdp. Another desirable economic goal that is not valued in gdp. Safety and security are valued on many levels, but not in gdp. Valuable aspect of life which, when present, is not added to gdp nor, when absent, is not subtracted from gdp. Employment and unemployment: labour force survey.