Textbook Notes (363,019)
Canada (158,147)
Economics (800)
ECON 1100 (224)
Chapter 14

Chapter 14 Introductory Macroeconomics Notes

2 Pages
Unlock Document

University of Guelph
ECON 1100
Bram Cadsby

Chapter 14 Macroeconomic Notes141 The Remarkable Rise in Real GDP Per Capita The Record The real GDP per person provides a measure of the quantity of goodservices available to the typical resident of a country at a particular time GDP per person is good indicator of life expectancy infant health schooling etc142 Why Small differences in growth rates matterPower of Compound Growth the fact that small differences in growth rates maintained over long periods will produce large differences in magnitudeCompound Interest the payment of interest not only on the original deposit but on all previously accumulated interestRule of 72 a rule of thumb stating that to find the number of years it takes a magnitude to double when its growing at a constant rate divide 72 by the growth rate143 Why nations become rich The crucial role of average labour productivity Useful to express real GDP per person as the product of 2 terms average labour productivitythe share of the population that is workingReal GDP per person Real outputxof employed workers of employed workersTotal Population Increases in output per personliving standards will depend on increases in average labour productivity144 The Determinants of Average Labour Productivity6 factors that seem to account for the differences in average labour productivityHuman Capital Often used as a catchall term for talents education trainingskills of workers The more human capitalmore productivity
More Less

Related notes for ECON 1100

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.