ECO100Y5 Chapter Notes - Chapter 1: Opportunity Cost, International Trade, Mass Production
53
ECO100Y5 Full Course Notes
Verified Note
53 documents
Document Summary
Productivity growth: is a measure of how much output (income) is produced by one hour of work, has been rising gradually over past century, recent years, has been slowing down in canada. Population aging: average age of canadian pop. is rising, decline in growth rate of canada"s labour force, wages will rise as a result, increase in tax. Climate change: presents a challenge for better economic policy. Global financial stability: after recession, it was clear that governments needed to play a role in redesigning financial systems to reduce likelihood of similar events. Rising government debt: increased after recession (2008 2012) Globalization: international trade and ongoing process of globalization are crucial to economic prosperity. The study of the use of scarce resources to satisfy unlimited human wants. Land; natural endowments, arable land, forests, lakes, crude oil, and minerals. Labour; all mental and physical human resources, entrepreneurial capacity and management skills. Capital; all manufactured aids to production, tools, machinery, equipment, and buildings.
