ECON 2 Lecture Notes - Lecture 25: Government Spending, Business Cycle, Gross Domestic Product
27 Aug 2020
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Document Summary
Close to one quarter of total production flows from public sector activities. Gross domestic product (gdp): standard measure of the economy"s output. Government spending accounts for about 22 percent of gdp. Real gdp in 2006 was about 5 times larger than in 1959. Real gdp per capita in 2006 was about 3 times higher than in 1959. Growth is irregular from year to year. Periods of boom and bust (recession) known as business cycles or economic fluctuations. Unemployment rises during recessions and declines during booms. 16. 5 million canadians held jobs in 2006. 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.
