[ECN 301] - Final Exam Guide - Comprehensive Notes fot the exam (34 pages long!)

• School: Ryerson University
• Department: Economics
• Course: ECN 301
• Professor: Mary Olynik

Document Summary

Macroeconomics: study of the structure and performance of national economies and of the policies that governments use to try to affect economic performance. Rich nations have experienced extended periods of rapid economic growth. Poor nations have either never experienced them or economic growth was offset by economic decline. Total output is increasing because of increasing population ie. number of available workers. Increasing average labour productivity: the amount of output produced per unit of labour input. Rates of growth of output (output per worker) determined by: Short-run contractions and expansions of economic activity. The downward phase of a business cycle when national output is falling or growing slowly. Recessions are usually accompanied by high unemployment: the number of people who are available for work and are actively seeking it but cannot find jobs. Economy which has extensive trading and financial relationships with other national economies is an open economy. An economy with with no relationship is a closed economy.