ECON102 Lecture : Chapter 7 Notes FULL lecture notes for Chapter 7

• School: University of Waterloo
• Department: Economics
• Course: ECON102
• Professor: Angela Trimarchi

Document Summary

Of all the priorities i have mentioned today, the common denominator is prosperity. A better life for all canadians is the highest priority for this government. To ensure long term prosperity we need to increase our productivity. Canadians have built a great country with many advantages. But we are facing increasing competition from countries like india and china. Government tax policies have discouraged investment and job creation. Refers to growth of one of three interrelated macroeconomic variables: aggregate output/income (gdp, gdp per capita, productivity. States that if you divide the annual growth rate g of a variable into the number 70, the result will tell you the number of years required for the growth of that variable to double. Note: always express g as a whole number. Suppose that you deposit in a bank account which pays 5% per year and you let the interest compound (earn interest on interest)