ECO 1102 Lecture Notes - Lecture 1: Canadian Dollar, Gross Domestic Product

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: David Gray

Document Summary

Musings file explains the goals and what is important from the readings/lectures. Unemployment rate: 6. 8% down from the mid 2009 rate of 8. 7: these jobs were lost during the recession of 2008-2009. The us unemployment rate is 4. 6% unofficially. The labour markets of anglophone countries and the united states tends to be stronger than in many other countries. Weekly earnings grew by 0. 4% which is less than the inflation rate, which is not a good thing. The average inflation rate per year is 1. 5% The average canadian income is ,764 per year. The canadian macro economy is not a small-scale operation. Canada has the 12th largest economy in the world. A real quantity in economics is a nominal quantity that has been adjusted for inflation. Gdp (gross domestic product) is the market value of all domestic products produced annually. Since the great depression, we have seen uneven but positive growth which has allowed the economy to recover.