ECN 204 : Chapter 7.docx

• School: Ryerson University
• Department: Economics
• Course: ECN 204
• Professor: Christos Shiamptanis

Document Summary

Economic growth around the world real gdp per person - living stds vary widely from country to country growth rate - how rapidly real gdp per person grew in the typical yr. Productivity - quantity of goods and services work9er can produce for each hour of work: key determinant of living stds and that growth in productivity is the key determinate of growth in living stds. Gross domestic product (gdp) - 1) total income earned by everyone in the ecn, 2) total exp on the ecn output of goods and services: ecn income = ecn output. Japan imports natural resources (oil) and exports its manufactured goods to ecn rich in natural resources. Technological knowledge technological knowledge - understanding of the best way to produce goods and services. Understanding about how world works: common knowledge - ex: assembly line, proprietary - ex: coca-cola secret recipe --> patent, ex: knowledge like quality of textbooks.