SOCI 235- Final Exam Guide - Comprehensive Notes for the exam ( 78 pages long!)
30 Nov 2017
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A measure of how much output is associated with some measure of inputs. Labour productivity: output per unit of labour input where the input is usually hours but may be employees. Total factor productivity: output per unit of all inputs - including both labour and capital. Rises in productivity will usually be associated with increases in living standards: focus on labour productivity because it"s easier to measure. Output can be measured as gdp - the value of output produced by the economy. Think about this from the point of view of expenditure: consider first, government expenditure. Every time someone buys an ipad we can reasonably conclude that that person is better off. Remember, government"s contribution to gdp is measured by its spending. But when a government spends money the purchases are in a sense involuntary: people are compelled to pay taxes then the government uses those taxes to buy roads or arenas, or whatever.
