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ECN 204 (282)
Amy Peng (21)
Chapter 6

ECN 204 Chapter 6 Notes.docx

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ECN 204
Amy Peng

ECN 204 Chapter 6 Notes Economic GrowthEconomists define and measure economic growth as either o An increase in real GDP occurring over some period of time o An increase in real GDP per capital occurring over some time period Change in GrowthY2 real GDPY1 Real GDPY1 GDP x100Economic growth is a widely held economic goalWhen a economy has economic growth they are better able to meet peoples wants and resolve socioeconomic problemsArithmetic Growth o Rule of 70 a method of determining the number of years it will take for some measure to double given its annual percentage increase by dividing that percentage increase into 70 o Years Required to Double GDP70annual percentage rate of growthGrowth in Canada o Improved Products and Services table 61 does not fully account for the improvements in products and services they understate the growth of the economic well being o Added Leisure the increase in GDP in table 61 was accomplished despite large increases in leisure 50 hour work weeks to 35 hour work weeks o Other Impacts Modern Economic GrowthEconomic Growth is 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 lifetimeEconomic growth has affecte
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