ECN 204 Chapter 8: Economic Growth

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Economists define and measure economic growth as either: an increase in real gdp occurring over some time period, an increase in real gdp per capita occurring over some time period. It is calculated as a percentage rate of growth per quarter or per year. Real gdp per capita is the amount of real output per person in a country. Real gdp growth is a good measure of aggregate economic activity. Growth in real gdp per capita is a good measure of comparing living standards. Real gdp in canada was . 6 billion in 2013 and . 2 billion in 2014. Percent change in growth =[(2014 real gdp -2013 real gdp)/2013 gdp] . 100 = [(. 2 billion - . 6 billion)/. 6 billion] 100= 2. 4 % This was the rate of economic growth in canada in 2014. Real gdp in canada was . 6 billion in 2013 and population was 35. 3 million so real gdp per capita was (,705,600 million/35. 3 million) =

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