Textbook Notes (368,125)
Canada (161,663)
Economics (924)
ECN 204 (282)
Chapter 6

Chapter 6

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ECN 204
Thomas Barbiero

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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