RSM219H1 Lecture Notes - Lecture 4: Best Buy, Discouraged Worker, Underemployment
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RSM219H1 Full Course Notes
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Purpose of any economic system rather its market like canada or command like cuba; produce the things that people wants, to gather around all the factors of production to produce what they. Make the stuff that people want; like food to eat, clothes and houses. Gdp; domestic-within our home without our product (area) Gdp; merely tells us about our size; one data points. To ask ourself how the economy is doing then we should find out if its producing more stuff is it turning out more ipod, pizza etc. Gdp growth; gdp is bigger then 2010 then 2007 then we have to assume more factories are hiring, more people are buying more stuff. The big rich countires; uk, france; are fairly high so if your starting from a high point then ur rate of growth is most likely not to be increasing as dramatically. Western countries are growing in 1,2,4% that tends to be the norm.
