[BUS 201] - Midterm Exam Guide - Comprehensive Notes for the exam (84 pages long!)

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Economic growth: >2. 5% of canadian pop. works in agriculture bc ef enecy has improved; agricultural sector has increased becayse output of sector has increased. The business cycle: growth and contraction of short-term ups and downs in an economy. Gross domestic product (gdp) and gross national product (gnp) Gdp replaced gnp: total valye of goods and servies produced by a national economy within a given peroid regardless of where the factors of production are located: eg) canada owns gmc but they make their cars in mexico. It"s included in canada"s gnp but not gdp; and the opposite for mexico, their gdp is counted but not gnp because it"s a. Canadian product: gdp is key measure of economic growth but some think we should pay more attention to rising debt and that the measures are awed. Real growth rate of gdp = adjusted for in ation and changes in value of country"s currency.

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