MGEA06H3 Chapter Notes - Chapter 9: Factors Of Production, Growth Capital, Production Function

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MGEA06H3 Full Course Notes
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MGEA06H3 Full Course Notes
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Macroeconomics notes: lecture three (chapter nine) this measures the country"s progress or its progress to other relative countries over time. And measures the economic growth in the long run to . Informs us how fast our income is changing over time. Long run economic growth is a gradual process in which real gdp per capita grows a. The rule 70- this tells us how many years would it take for the variable to double. =70/ few percent per year. (annual growth rate) Looking at the factors that determine economic growth in the long run. To measure sustained economic growth by looking at the output per worker. A increase shows a high productivity (the only source of long run growth) a increase (ap)average product of labour (output of worker/hour): real gdp/#of workers in workers can also increase the real gdp per capita. Explaining growth in productivity: (affect productivity in the long run)

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