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Chapter 8

ECN 204 Chapter Notes - Chapter 8: Industrial Revolution


Department
Economics
Course Code
ECN 204
Professor
Eric Kam
Chapter
8

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8.1$Economic$Growth:
An#increase#in#real#GDP#occurring#over#some#time#period
Economic#growth# is#calculated#as#a#percentage#rate#of##growth#per#
quarter#(three-month#period)#or#per#year
An#increase#in#real#GDP#per#capita#occurring#over#some#time#period
Economic$Growth$is$defined$as
Percent'Change'in'Growth'='[(2014'real'GDP'-2013'real'GDP)/2013'GDP]'x'
100
Real$GDP$per$capita (per#capita#output)#is#the#amount#of#real#output#per#person#
in#a#country#
A#widely#held#economic#goal
Expansion#of#total#output#relative#to#population# results#in#rising#real#wages#
and#incomes,#thus#higher#standards#of#living#
Economy#that#is#experiencing#economic# growth#is#better#able#to#meet#
people's#wants#and#resolve#socioeconomic# problems
Government#can#undertake#new#programs#to#alleviate#poverty,#growth'
lessens'the'burden'of'scarcity
Growth$as$a$Goal
Rule'of'70'provides#a#quantitative#grasp#of#the#effect#of#economic#growth
Arithmetic$of$Growth
Approximate'number'of'years'required'to'double'real'GDP'='70/annual'
percentage'rate'of'growth
Improved'Products'and'Services'
Added' Leisure
Other'Impacts
Growth$in$Canada
8.2$Modern$Economic$Growth:
characterized#by#sustained#and#ongoing#increases#in#living#standards#that#
can#cause#dramatic#increases#in#the#standard#of#living#within#less#than#a#
single#human#lifetime
Culturally -(first#time#in#history)#ordinary#people#have#significant#time#for#
leisure#activities# and#arts
Socially -universal#public#education,#elimination# of#ancient#social#norms#
and#legal#restrictions#preventing#women#and#minorities# from#doing#certain#
jobs#or#holding# certain#positions
Politically -democratic#forms#of#government;#which#was#extremely#rare#
before#the#start#of#the#industrial#revolution
Modern#Economic# Growth
Chapter#8:#Economic#Growth
Wednesday,* February*10,*2016
9:20*AM
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