Final Exam Study Review

5 Pages
Unlock Document

University of Toronto Scarborough
Economics for Management Studies
Garth Frazer

ECMC66 Final Exam Summary Frazer Development definition Incomecapita, not very good measure; we discussed reasons why Development more than income, as noted by Sen the notion of Human Freedom Human Freedom: not only democracy, but capability to be educated, freedom in health Sen: influential in holistic view of development and the Human Development Index Human Development Index: measure of Income, Health and Education Not a full measure of human welfare or different industries Does not capture human development for developed countries When studying development, interested in separating income, education, health etc Useful to look at 2 of these dimensions helps explain lots of differences in development We also took a look at economic growth, analyzing different models (just need to know manipulations no derivations needed) Harrod-Domar Model: 2 assumptions: constant savings rate and a capital output model Technology can help improve long run growth rate Increases in savings do lead to growth Constant capital output ratio Solow Model: Diminishing returns to capital stock 1
More Less

Related notes for MGEC81H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.