Class Notes (839,113)
Canada (511,191)
Economics (958)
Lecture

Lecture #4 - Sept 21.docx

1 Page
117 Views

Department
Economics
Course Code
Economics 1021A/B
Professor
Michael Parkin

This preview shows half of the first page. Sign up to view the full page of the document.
Description
Nicole Wallenburg Mr. Parkin Economics 12-04-23 Economics – Lecture #4 Economic Growth The expansion of production possibilities—and increase in the standard of living—is called economic growth. Two key factors influence economic growth:  Technological change  Capital accumulation Technological change is the development of new goods and of better ways of producing goods and services. Capital accumulation is the growth of capital resources, which includes human capital. The Cost of Economic Growth To use resources in research and development and to produce new capital, we must decrease our production of consumption goods and services. So economic growth is not free. The opportunity cost of economic growth is less current consumption. Gains From Trade Comparative Advantage and Absolute Advanta
More Less
Unlock Document

Only half of the first page are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit