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Chapter 6

Chapter 6

4 Pages
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Department
Economics
Course Code
ECN 204
Professor
Thomas Barbiero

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CHAPTER 6: Economic Growth
6.1 Economic Growth (increase in either real output (GDP) or in real output
per capita)
Economists define and measure economic growth as either:
1. An increase in real GDP occurring over some time period.
2. An increase in real GDP per capita occurring over some time period.
Real GDP per Capita: The real GDP per person, found by dividing real GDP by
a countrys population
Growth as a Goal:
oGrowth is a widely held economic goal
oGrowth lessens the burden of scarcity
Arithmetic of Growth
oRule of 70: method for determining the number of years it will take for
some measure to double
Approximate number of years required to double real GDP
= ________70________
Annual percentage rate of growth
oFor example, a 5% annual rate of growth will double real GDP in about 14
years (= 70/5)
Growth in Canada
oQualifying Numbers in several ways:
Improved products and services
Added leisure
Other impacts
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Description
CHAPTER 6: Economic Growth 6.1 Economic Growth (increase in either real output (GDP) or in real output per capita) Economists define and measure economic growth as either: 1. An increase in real GDP occurring over some time period. 2. An increase in real GDP per capita occurring over some time period. Real GDP per Capita: The real GDP per person, found by dividing real GDP by a countrys population Growth as a Goal: o Growth is a widely held economic goal o Growth lessens the burden of scarcity Arithmetic of Growth o Rule of 70: method for determining the number of years it will take for some measure to double Approximate number of years required to double real GDP = ________70________ Annual percentage rate of growth o For example, a 5% annual rate of growth will double real GDP in about 14 years (= 705) Growth in Canada o Qualifying Numbers in several ways: Improved products and services Added leisure Other impacts www.notesolution.com
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