ECON 1010 Lecture Notes - Lecture 3: Real Interest Rate, Opportunity Cost, Loanable Funds
10 Mar 2018
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Marcoeconomics lectures 3 & 4 (lecture 3 - economic growth) Next four chapters look at this, too. Is there any overlap between our g(cid:396)o(cid:449)th a(cid:374)d a(cid:374)othe(cid:396) (cid:272)ou(cid:374)t(cid:396)(cid:455)"s. Defining economic growth and explain implications of sustained growth. Economic growth trends around the world and in canada. Economic growth is indicated by: stable, constant growth. Marcoeconomics lectures 3 & 4: growth is important for the standard of living increasing, gdp per person. Real gdp per person grows only when real gdp grows faster than the population: approx. Calculation for growth of real gdp per person = growth rate of real. Gdp growth rate of the population: exact way: growth rate of real gdp per person = ending real gdp per person beginning real gdp per person/beginning real gdp per person. When the economy grows, (cid:449)e"(cid:396)e getti(cid:374)g (cid:272)lose(cid:396) to full employment. Real gdp can increase because: 1. When expansion happens in the business cycle: not really economic growth just normal.
