Textbook Notes (368,278)
Canada (161,760)
MHR 523 (321)
Chapter 4


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Human Resources
MHR 523
Al- Karim Samnani

ECONOMICS CHAPTER NOTES Chapter 4 • Business cycle- increases and decreases in the level of economic activity over years • Real GDP- measures value of final goods and services produced in the borders of a country during specific time period. • To calculate Real GDP we must know Nominal GDP- value of final goods and services produced within the border of a country using its current prices when the goods/service was produced • Unemployment-when a person can’t find work even being willing and able to do so. • Inflation-an increase in overall price level. • Modern Economic Growth-historically recent phenomenon in which nations for the first time have experienced sustained increases in real GDP per capita. • GDP per capita- the average amount of output each person in each country could have if each country’s total output were divided equally within its citizens. (Measure of country’s standards of living) • Purchasing Power Parity adjusts for the fact that prices In some countries are much lower than others. The adjustment trusts that $1 of GDP per person in Canada represents about the same quantity of goods and services as $1 of GDP per person in any other country • Savings- when current consumption is less than current output. • Investments-when resources are devoted to increase future economic output • Financial Investment- purchasing financial assets or real assets in expecting financial gain • Economic investment- spending for the production and accumulation of capital and additions to inventories • Households transfer savings get transferred to businesses to create new ca
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