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Canada (162,366)
Economics (748)
ECON 1BB3 (339)
Chapter 7

econ chap 7 summary notes.docx

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Bridget O' Shaughnessy

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This is just a summary of chapter 7: need to take detail notes for exam Learning objectives:  See how economic growth differs around the world  Think about why productivity is the key determinant of a country’s standard of living  Analyze factor that determine country’s productivity  See how a country’s policies influence productivity growth Summary: Economic prosperity: measure by GDP per person, varies substantially around the world  The average income in the world’s richest countries is more than ten times that in the world’s poorest countries  Growth rates of real GDP also vary sustainably  Relative positions of countries can change dramatically over time Productivity: depends on amounts of physical capital, human capital, natural resource, and technological knowledge available to workers  Standard living in economy depends on the economy’s ability to produce goods and services Government policies: influence economy’s growth rate in many ways  Encourage saving and investment  Encourage inv
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