ECN 204 Chapter 6: Chapter 6

• School: Ryerson University
• Department: Economics
• Course: ECN 204
• Professor: Thomas Barbiero

Document Summary

real gdp per capita: the real gdp per person, found by dividing real gdp by a country"s population. growth as a goal: growth is a widely held economic goal, growth lessens the burden of scarcity. arithmetic of growth: 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. Annual percentage rate of growth: for example, a 5% annual rate of growth will double real gdp in about 14 years (= 70/5) growth in canada: qualifying numbers in several ways: modern economic growth: the historically recent phenomenon in which nations have experienced sustained increases in real gdp per capita. I nstitutional structures that promote growth: strong property rights, patents and copyrights, efficient financial institutions, literacy and education, free trade, competitive market system.