ECON 222 Chapter Notes - Chapter 1-10,12: Capital Account, Intermediate Good, Byrsonima Crassifolia

• School: Queen's University
• Department: Economics
• Course: ECON 222
• Professor: Huw Lloyd- Ellis

Document Summary

The study of the structure and performance of national economies. Also the policies government use to affect economic performance. Difference is that rich nations have experienced rapid economic growth sometime throughout their history. Also the increase in output with a given amount of labor (ef ciency) Average labor productivity: amount of output produced per unit of labor. Rate of growth will determine if a country is poor or rich. Hard to determine why a nation will grow economically. Usually steady growth (when measured over the long term) Some periods of slow growth (even negative) Business cycles: periods of faster or slower than normal growth. Increase means an increase in people looking for jobs that can"t nd any. In ation: when the price of products rises. De ation: when the price of products decreases. Closed economies don"t interact with other economies. Allows us to specialize in certain things.