ECO 1302 Lecture Notes - Lecture 2: Mixed Economy, Government Spending, Opportunity Cost

• School: University of Ottawa
• Department: Economics
• Course: ECO 1302
• Professor: Mario Seccareccia

Document Summary

Close to one quarter of total production flows from public sector activities. Gross do(cid:373)estic product (cid:894)gdp(cid:895): sta(cid:374)dard (cid:373)easure of the eco(cid:374)o(cid:373)y"s output. Government spending accounts for about 22 percent of gdp. A relatively (cid:862)ope(cid:374)(cid:863) eco(cid:374)o(cid:373)y: open economy means that we are dependent to foreign trade. In 1950 23% of women in the labour force. In 2006, over 62% of women in the labour force. Majority of workers produce services, not goods: similar to other industrialized countries, labour-saving innovations in manufacturing has reduced the share of workers in goods- producing industries. Wages account for 60 percent of income: average hourly wage of over plus benefits, typical weekly pay check of approx. : similar to wages in industrialized countries. Capital and earnings: capital: machines and buildings, payments (finish this) Consumption: consumer spending on goods and services: account for 60 percent of gdp. Nonconsumption uses include government services, business purchases, and consumer purchases. Nationality of a business: difficult to determine.